Investment pools back renewable energy move

Cubico Sustainable Investments, a global investor in renewable energy, has announced the sale of a substantial minority stake in its UK operational wind and solar portfolio to GLIL Infrastructure, the £1.8 billion infrastructure fund backed by Northern LGPS and Local Pensions Partnership.

The transaction sees GLIL acquire a 49% equity stake in the portfolio, which has been operational for more than three years and comprises over 250 MW of wind and solar projects at 18 sites across the UK. This is the seventh investment by GLIL, an open-ended fund established in 2015 to drive further direct investment in core UK infrastructure and support the long-term objectives of local authority pension funds.

GLIL’s other investments include Anglian Water, Clyde Windfarm, Forth Ports and Rock Rail. Cubico, which is backed by two of Canada’s largest pension funds, Ontario Teachers’ Pension Plan and PSP Investments, will provide long-term management services for the day-to-day operation of the assets.

Jonathan Ord, investment director at GLIL Infrastructure, said: “We see renewable energy assets as integral to UK power generation and a critical part of the country’s future infrastructure.”