December 13 (Renewables Now) – GLIL Infrastructure LLP today said it has agreed to buy a 49% stake in Cubico Sustainable Investments’ UK portfolio that includes more than 250 MW of wind and solar parks.
The power plants in the specific portfolio are spread across 18 sites in the UK and have been operational for more than three years. Following the transaction, Cubico will provide operation and management services for the assets.
“We see renewable energy assets as integral to UK power generation and a critical part of the country’s future infrastructure,” said Jonathan Ord, investment director at GLIL Infrastructure. The company did not disclose financial details about the acquisition.
Infrastructure fund GLIL is backed by Northern LGPS and Local Pensions Partnership. The deal marks its seventh investment since its establishment in 2015.
Cubico, among whose investors are two of Canada’s largest pension investment managers — PSP Investments and Ontario Teachers’ Pension Plan, was advised on legal matters in the deal by Clifford Chance and Brodies, with KPMG being its financial counsel. GLIL, in turn, was advised by CMS and EY on legal and financial issues, respectively.