16 January 2024
Cubico Sustainable Investments (“Cubico”) is pleased to announce the successful acquisition of Peel NRE’s 50% stake in Peel Cubico Renewables Ltd, the strategic joint venture focused on the development of renewable energy projects in the UK.
The transaction includes the transfer of the Peel NRE renewables development team into the Cubico business, as well as the joint venture’s current onshore wind and solar PV development pipeline.
The Peel Cubico Renewables joint venture between Peel NRE, part of the construction and regeneration company Peel L&P, and Cubico was initiated in April 2021. As a result of the transaction, Cubico now possesses a pipeline of development projects with a collective capacity exceeding 350 MW, encompassing utility-scale wind and solar projects across England and Scotland, plus a 1.7 GW feasibility pipeline.
This acquisition enables Cubico to accelerate the growth of its development business in the UK, which will now have offices in both London and Manchester to manage the delivery of projects across the country. It represents a significant step in Cubico’s aspiration to establish itself as a prominent developer, owner, and operator of renewable energy assets within the country, aligning with the UK’s pursuit of its own ambitious net zero targets.
David Swindin, CEO of Cubico Sustainable Investments, commented: “Cubico was founded in the UK almost a decade ago and we have had a long-standing commitment to the country and a substantial portfolio of assets there. We believe that by taking full control of the JV and bringing the team in house, we will strengthen our global development business and enable us to carry on growing our asset base in the UK. This reaffirms our belief in the UK as an attractive renewable energy market where we see great potential. We look forward to playing our part in the country’s push for net zero.”
James Pinney, Head of Northern Europe at Cubico, added, “We are delighted to welcome the Peel NRE renewables development business to Cubico. It’s been great working with Rob Tate and his team over the past 3 years and we’re excited to see what we can achieve when combining their expertise with our existing in-house capabilities. This marks an important milestone for Cubico, granting us an even stronger foothold in our home market, enabling us to ramp up development activity to support the UK’s decarbonisation ambitions.”