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United Kingdom

Santander launches $2 billion renewables investment firm

UK: Spanish banking group Santander and two Canadian pension funds have launched Cubico, a renewable energy investment firm.

Santander's UK headquarters in London
Santander's UK headquarters in London

Santander, Ontario Teachers' Pension Plan and the Public Sector Pension Investment Board have launched Cubico Sustainable Investments, to be based in London.

Santander has transferred 19 of its wind, solar and water infrastructure projects from its Asset and Capital Structuring unit to the new firm. Approximately 30 Cubico employees have also been transferred from Santander's unit, including new CEO Marco Sebares.

The portfolio is valued at $2 billion. According to the Cubico website, the transferred projects are located in Brazil, Mexico, Uruguay, Italy, Portugal, Spain and the UK.

Some are online while others are in the development stage. In total, wind makes up 853MW of its 1.4GW portfolio.

This includes a total of 799MW across three projects at the permitting stage in Mexico.

The firm will look to invest in new renewable energy and water infrastructure projects globally, with a focus on wind projects.

Cubico said it would look to expand throughout the European Union as well as Peru and Colombia in South America. The new company also said it would consider investing in offshore wind in Europe. "It would be foolish not to consider offshore wind," the company said.

The two Canadian pension funds have a combined total of C$254 billion ($203billion) in net assets.

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