Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, backed by two of Canada’s largest pension funds, has signed an agreement to acquire K-Wind Kitheronas Energy S.A., the owner of a 21 MW operational onshore wind farm.

It will be acquired from Intracom Holdings S.A., a Greek leader in IT services, construction projects and electronic defence systems.

The wind farm, located in the Viotia region of Sterea Ellada, marks Cubico’s entry into the Greek market. It became operational in 2015 and a 12 MW extension, which will also be part of the transaction, is expected to start construction in the first quarter of 2020. Cubico plans to achieve completion of this acquisition in the first quarter of 2020.

David Swindin, Head of EMEA at Cubico, said: “We are very pleased to enter the Greek market and play our part in helping the country’s transition to a low carbon future. We have been looking at the country for some time and are very keen to expand our presence there beyond this initial acquisition, having already started looking at further transactions.”

Alessandro Asperti, Country Head for Italy and Greece at Cubico, added: “It is very exciting to make our first move in Greece with such a trustworthy partner as Intracom.”