Thursday, 28 May 2015

Santander, Canadian funds form new RE investment powerhouse, .By Andrew Lee Recharge News in London Thursday, May 28 2015 Updated: Thursday, May 28 2015

Santander is joined by two Canadian pension groups in Cubico

Santander is joined by two Canadian pension groups in Cubico

Cubico Sustainable Investments will start life with a portfolio valued at more than $2bn, after Santander transferred 19 existing wind, solar and water assets into the new venture.
The Spanish group launched Cubico with Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board, after signalling late last year that they planned to link up.
The partners said Cubico “is committed to a long-term growth strategy designed to make it one of the largest and best in class renewable energy and water investors in the world”.
Based in London, the investment firm will have offices in Milan, Sao Paulo and Mexico.
The new venture said its main target regions will be Europe and the Americas, especially Canada, Brazil, Colombia, Mexico, Peru and Uruguay.
It will be based around a core of the existing Santander Asset & Capital Structuring team, with team leader Marcos Sebares becoming Cubico CEO.
Cubico will have a mandate to hold assets for the long-term, said a statement, as it seeks to build on the 1.4GW of operating and under-development capacity it starts life with.
Sebares said: “Renewable and water infrastructure developments require decisive long-term investment and commitment. We are uniquely positioned to provide this through our strong ownership structure, experienced team and global footprint.
"We have already built a strong pipeline of attractive assets to add to the platform."
Santander has made significant investments in renewables across the world, spanning wind power in Mexico, Brazil and the UK and US solar projects.

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