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Two of Canada’s largest pension funds, the Public Sector Pension Investment Board (PSP Investments) and Ontario Teachers’ Pension Plan, are acquiring full ownership in Cubico Sustainable Investments Ltd., a renewable energy and water infrastructure company.

They are buying, in equal portions, the indirect interest in Cubico from Banco Santander SA. As a result of the transaction PSP Investments and Ontario Teachers’ will each own 50% of the company.

“Our increased participation in Cubico is aligned with PSP Investments’ long-term investment approach and strategy to leverage industry-specific platforms and develop strong partnerships with liked-minded investors and skilled operators,” said Guthrie Stewart, senior VP and global head of private investments at PSP Investments.

Headquartered in London, Cubico was established in May 2015. Its initial portfolio included 18 wind, solar and water infrastructure assets previously owned by Santander, representing a net capacity of 1.2 gigawatts (GW). It has successfully completed four acquisitions spanning four different countries, growing its total net capacity to 1.62 GW. The company’s portfolio now comprises 22 wind, solar and water infrastructure assets in operation, construction or under development in Brazil, Italy, Ireland, Mexico, Portugal, Spain, United Kingdom and Uruguay.

“Global investment in sustainable clean energy reached a new record in 2015, and Cubico’s excellent local market knowledge and strong relationships will allow us to continue to create and capitalize on attractive growth opportunities,” said Marcos Sebares, CEO at Cubico. “We see Ontario Teachers’ and PSP Investments’ joint acquisition of Santander’s position as an important endorsement of our strategy and capabilities.