Cubico Sustainable Investments has sold a minority stake in its UK solar and wind portfolio to infrastructure fund GLIL.
The fund will acquire 49% of Cubico’s projects, which includes 250MW of renewables across 18 sites. Cubico will continue to manage the projects on a day-to-day basis.
David Swindin, head of EMEA at Cubico, said: “This is a strategically significant transaction for Cubico and we are very pleased to have entered into this partnership for our UK operational portfolio.
“We look forward to working with GLIL and continuing to manage the portfolio to the highest standards as renewables play an increasingly important role in UK and global energy systems.”
GLIL is a £1.8 billion infrastructure fund established in 2015 with backing from Northern LGPS and Local Pensions Partnership. This will be the fund's seventh investment in UK infrastructure projects.
The fund’s investment director Jonathan Ord said that it saw renewable energy assets as a “critical part” of the UK's future infrastructure.
“Working with the team at Cubico and its portfolio of quality assets will help us support the growth and decarbonisation of the economy and provide the stable, long-term, inflation-linked returns that our members demand.”
Cubico is looking to continue to expand its portfolio in the UK, which is made up of ROC- and FiT-accredited operational assets built. In February, it raised around £272 million to refinance it’s then 200MW portfolio.