Cubico Sustainable Investments has partnered with natural resources and energy business Peel NRE to develop onshore wind and solar photovoltaic (PV) projects in the UK.
The partnership will work to deliver more than 500MW of onshore renewable energy projects over the next five to ten years.
The two companies have created a joint venture (JV), Peel Cubico Renewables, which will originate, develop and operate the projects.
All electricity generated by the wind and solar projects will either flow to the grid or directly to end-users.
The move is expected to further support the UK’s decarbonisation programme, with the government aiming to reduce the country’s carbon emissions by 78% by 2035.
Cubico Northern Europe head Matt Boss said: “As an established owner and operator of wind and solar PV projects across the UK, Cubico is excited to partner with Peel NRE to develop the next generation of renewable projects and provide more communities and businesses with the benefits of clean power.”
Peel NRE Energy development director Rob Tate said: “Both Peel NRE and Cubico bring strengths in many areas to this partnership and by working together, we can scale up and increase the pace at which we can provide the country with more renewable energy generation to support national and regional net zero carbon targets, as well as delivering the potential for significant growth for both businesses.”
Cubico Sustainable Investments is a global renewable energy investor. To date, the company has installed more than 4GW of energy capacity across 12 countries in Europe, the Americas and Oceania.
Last month, it acquired Grupo T-Solar, a 274MW solar power generation company, from private equity firm I Squared Capital.