Spanish banking giant Banco Santander has established a company in London to manage and invest in renewable energy and water infrastructure assets worldwide, Energy Business Review has reported.
Launched in collaboration with Ontario Teachers’ Pension Plan (OTPP) and the Public Sector Pension Investment Board (PSP Investments), Cubico Sustainable Investments will initially manage more than 1,400MW of 19 wind, solar and water infrastructure assets, which are in operation, under construction or under development.
Transferred by Santander to the new UK-based renewable energy investment firm, the $2bn worth assets are located in Brazil, Mexico, Uruguay, Italy, Portugal, Spain and the UK.
Cubico holds a flexible investment mandate to hold assets for a long duration. It intends to identify assets that will achieve significant scale over the ownership’s lifetime.
Equally owned by the three firms, the new company will be led by Santander’s former asset and capital structuring team.