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Santander, Canadian pension funds launch $2bn renewable energy investment firm

CTBR Staff Writer Published 29 May 2015

Spain-based Banco Santander and two Canadian pension funds have launched a new firm to manage and invest in renewable energy and water infrastructure projects across the world.

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Cubico Sustainable Investments will have a portfolio of more than $2bn in assets and will be headquartered in London.

The new firm will be owned equally by the Spanish bank and the pension funds, Ontario Teachers' Pension Plan and Public Sector Pension Investment Board.

Santander has already transferred 19 wind, solar and water infrastructure assets to Cubico.

The assets are in operation, under construction or under development in Brazil, Mexico, Uruguay, Italy, Portugal, Spain and the UK. They have a combined capacity of over 1.4GW.

The main focus of Cubico will be on identifying assets that have significant scale and value in their lifetime. It has the mandate to hold assets for the long term.

Cubico will also have regional offices in Milan, Sao Paulo and Mexico DF. Santander's former asset & capital structuring team will lead the new firm with Marcos Sebares serving as CEO.

Cubico Sustainable Investments chief executive officer Marcos 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 and look forward to working with our partners over the coming years to consolidate Cubico's position as one of the world's leading renewable energy and water infrastructure investors."

Image: Santander has transferred 19 wind, solar and water infrastructure assets to Cubico. Photo: courtesy of satit_srihin/FreeDigitalPhotos.net.