Spain’s largest renewable fund Qualitas Vitality is the frontrunner to amass clean-energy firm Cubico Sustainable Investments, in response to individuals with data of the matter.
Qualitas has emerged because the main bidder for the enterprise after curiosity from KKR & Co.’s ContourGlobal, the opposite remaining suitor, has cooled, the individuals mentioned, asking to not be recognized as the data is non-public.
London-based Cubico is owned by Ontario Academics’ Pension Plan and PSP Investments. The Canadian pension funds have been working with Financial institution of America Corp. on the potential deal, looking for a valuation of about EUR 7 billion ($7.9 billion), Bloomberg Information reported final 12 months.
- Advertisement -
A sale of Cubico may rank as one of many largest renewable power offers this 12 months globally and comes at a time the US administration’s refocus on boosting oil and fuel provides has decreased investor urge for food for such property.
Qualitas could contemplate bringing in companions to assist fund the acquisition or search to divest a few of Cubico’s property shortly after a deal is accomplished, one of many individuals mentioned. There’s no certainty the deliberations will result in a transaction, and ContourGlobal’s curiosity may nonetheless be rekindled, the individuals mentioned.
Representatives for Qualitas, KKR, OTPP and PSP declined to remark.
Cubico was launched in 2015 by its present homeowners alongside Spain’s largest lender, Banco Santander SA, which offered its stake a 12 months later. The corporate’s portfolio contains onshore wind and photo voltaic property in addition to battery power storage techniques and transmission traces, in response to its web site. It has a complete put in capability of two.8 gigawatts, in addition to 450 megawatts underneath building and a improvement pipeline of greater than 17 gigawatts. The agency has greater than 500 workers globally.
Qualitas mainly invests in power transition and sustainability-related property. It has raised EUR 4.6 billion since its inception in 2006, with 15 places of work throughout Europe and the Americas.
What do you suppose? We’d love to listen to from you, be part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all power professionals to Communicate Up about our trade, share data, join with friends and trade insiders and interact in knowledgeable group that can empower your profession in power.
