Cubico Sustainable Investments (Cubico) proudly announces the successful acquisition of Peel NRE’s 50% stake in Peel Cubico Renewables Ltd. This strategic joint venture, initiated in April 2021, focuses on the development of renewable energy projects in the United Kingdom.
As part of the transaction, Peel NRE’s renewables development team is integrated into the Cubico business, along with the transfer of the joint venture’s existing onshore wind and solar PV development pipeline.
The acquisition provides Cubico with a robust pipeline of development projects, exceeding 350 MW in capacity. These projects include utility-scale wind and solar initiatives across England and Scotland, as well as a substantial 1.7 GW feasibility pipeline.
With this move, Cubico aims to expedite the growth of its development business in the UK, establishing offices in both London and Manchester to oversee project deliveries across the country. This development marks a significant stride in Cubico’s objective to become a prominent developer, owner, and operator of renewable energy assets in the UK, aligning with the country’s ambitious net zero targets.
David Swindin, CEO of Cubico Sustainable Investments, expressed his optimism, stating, “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, welcomed the Peel NRE renewables development business into Cubico, emphasizing the collaboration’s potential. “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 decarbonization ambitions,” he commented.
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