Cubico Sustainable Investments

What Cubico Sustainable Investments does

Cubico Sustainable Investments is a London-headquartered, privately-owned renewable energy investor, developer, owner and operator established in 2015. It is jointly owned by Ontario Teachers' Pension Plan (OTPP) and PSP Investments, two of Canada's largest pension funds, which provide the patient long-duration capital required for utility-scale renewables. The company operates 3.6 GW of renewable energy capacity across nine countries — the UK, Spain, Italy, Greece, Australia, Colombia, Mexico, Uruguay and the United States — with approximately 500 MW under construction and a development pipeline exceeding 7 GW.

The platform spans onshore wind, utility-scale solar PV, concentrated solar power (CSP), battery energy storage systems (BESS) and transmission and distribution line technologies, organised around a country-head model with local offices in twelve cities. Operating sub-brands and joint ventures include C2 Energía (50/50 JV with Celsia in Colombia, 356 MWp operational), Grupo T-Solar (274 MW Spanish-Italian platform acquired from I Squared Capital for approximately EUR 1.5 billion in 2021, since taken to 100% ownership) and Peel Cubico Renewables (UK development, fully acquired in 2023). Notable assets include the 500 MW Wambo Wind Farm in Queensland (JV with Stanwell Corporation), the 132 MWdc Crossett Solar Park (Google PPA) and 135 MWdc Delta's Edge (Cooperative Energy PPA) in the US, and a 95 MWh UK BESS project under construction.

Cubico monetises generation through long-term bilateral Power Purchase Agreements with hyperscale corporates (Google, Amazon) and utility off-takers (Cooperative Energy, Stanwell, industrial buyers in Colombia), supplemented by wholesale electricity market sales, ancillary services from BESS, and asset management fees from joint-venture partners. Growth is driven by a combination of greenfield development, accretive platform and portfolio M&A (counterparties have included KKR, MEAG, Partners Group, Brookfield, I Squared Capital, Riverstone and ZEG), and project finance debt — a USD 1.1 billion corporate facility was extended in April 2024, on top of country-level non-recourse debt and tax equity arrangements.

Name

Cubico Sustainable Investments

Legal name

Cubico Sustainable Investments Limited

Website

https://cubicoinvest.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

Cubico Sustainable Investments is a UK-headquartered, privately-held renewable energy developer, owner and operator jointly owned by Ontario Teachers' Pension Plan and PSP Investments, operating 3.6 GW of wind, solar, BESS and transmission assets across nine countries under long-term PPAs with hyperscalers and utilities.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation and Ownership

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Contracted Wind Power Generation (PPA/CFD/FiT-backed) (EUACAFAJ)

akta.pro secondary industries

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI)

Keywords

• Renewable energy investment
• Utility-scale wind power
• Utility-scale solar PV
• Battery energy storage
• Power purchase agreements

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Long-term Power Purchase Agreements (PPAs): Recurring revenue stream from selling electricity generated by wind, solar and BESS assets under bilateral long-term PPAs with corporate off-takers (Google, Amazon) and utilities (Cooperative Energy, Stanwell). Core revenue stream across all geographies.
2. Wholesale electricity market sales: Revenue from selling generation into wholesale electricity markets/grid where assets are not contracted under long-term PPAs.
3. Asset management and development services: Fees from co-development arrangements, joint-venture asset management mandates and project development services to JV partners.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Cubico Sustainable Investments is a global renewable energy investment platform that invests in, develops, owns and operates utility-scale renewable energy assets, including onshore wind farms, solar photovoltaic (PV) plants, concentrated solar power (CSP), agrivoltaic projects, battery energy storage systems (BESS), and electricity transmission and distribution infrastructure. The company monetises its generation output primarily through long-term bilateral Power Purchase Agreements (PPAs) with corporate off-takers and utilities, supplemented by wholesale electricity market sales, co-development joint ventures, and asset management and development services to JV partners.

Product overview

Cubico Sustainable Investments is a privately-owned renewable energy company, not a software or SaaS vendor. Its offering is a global renewable energy development, ownership and operation platform, with a portfolio of physical generation and storage assets across onshore wind, solar photovoltaic (PV), solar thermal / concentrated solar power (CSP), agrivoltaic (Agri-PV) projects, battery energy storage systems (BESS), and transmission and distribution line technologies, delivered across 9 countries. The portfolio is organised as a platform-plus-modules architecture: a core technology stack (Wind, Solar PV, BESS, CSP, T&D) underpins major named projects and programmes (Wambo Wind Farm, Frodsham Solar NSIP, C2 Energía JV with Celsia, Grupo T-Solar platform, Project Sobral, Phoenix II revamping programme) and acquired sub-brands (e.g., Grupo T-Solar), with agrivoltaics treated as a specialty offering and Phoenix II as an asset-management/repowering module that extends the life and performance of existing solar assets. Headquartered in London and jointly owned by Ontario Teachers' Pension Plan and PSP Investments (Public Sector Pension Investment Board), Cubico operates 3.6 GW in operation, approximately 500 MW under construction, and a development pipeline exceeding 7 GW.

Differentiator

Problem solved

Functional benefit

Brands

• C2 Energía: 50/50 joint investment platform between Cubico and Celsia for solar PV development and operations in Colombia. As of 2025, the platform operated 20 solar farms larger than 8 MW across Valle del Cauca, Cauca, Tolima, Sucre and Bolívar with a combined operational capacity of 356 MWp.
• Peel Cubico Renewables
• Phoenix II

Products and services

• Onshore Wind Energy Utility-scale onshore wind farm development, ownership, and operation across the UK, Australia, Spain, Italy, Brazil, Uruguay, Mexico, Greece, Portugal, and the US, with approximately 2.5 GW of installed wind capacity. Notable projects include the 500 MW Wambo Wind Farm (Queensland, Australia; co-developed with Stanwell), the 252 MW Mezquite wind farm (Mexico), the 46.5 MW Wind Wall 1 (California, USA; Amazon PPA), the 99 MW Italian green-loan refinanced wind portfolio, and the 48.5 MW Panachaiko wind farms (Greece). The offering is targeted at corporate off-takers (e.g., Amazon), utilities (e.g., Stanwell), and wholesale electricity markets.
• Solar Photovoltaic (PV) Utility-scale solar PV project development, ownership, and operation across Spain, Italy, Colombia, USA, Mexico, Uruguay, the UK and other markets. Notable projects include 132 MWdc Crossett Solar Park (Arkansas, USA, Google PPA), 135 MWdc Delta's Edge (Mississippi, USA, Cooperative Energy PPA), the 274 MW Grupo T-Solar platform (Spain and Italy), the 105.6 MW Silver Ridge Power Italia portfolio, and the Celsia Solar Buga 2 (Colombia). Target customers are corporate off-takers, utilities, and industrial buyers.
• Concentrated Solar Power (CSP) Concentrated solar power generation from 100 MW of CSP assets in Spain acquired as part of the Grupo T-Solar platform (47 operational assets totalling 274 MW: 167 MW solar PV and 100 MW CSP in Spain, plus 7 MW solar PV in Italy). These CSP assets have been refinanced with green loans and ESG-linked hedges, providing dispatchable renewable generation to wholesale markets.
• Battery Energy Storage Systems (BESS) Grid-scale battery energy storage deployed to support grid stability, manage fluctuations in supply and demand, and integrate renewable generation. Includes a 95 MWh BESS project under construction in the UK (launched January 2025), co-located BESS at the Frodsham Solar NSIP project (UK), and an Italian BESS JV with Storaltil SRL. BESS is also developed alongside Italian solar and wind projects to support grid resilience.
• Transmission and Distribution Lines Ownership and operation of transmission and distribution infrastructure that complements Cubico's solar PV and wind generation portfolio. In Colombia, the Caoba T&D platform provides assets in the Tolima, Valle and Caribbean regions, complementing the C2 Energía (Cubico-Celsia) solar PV portfolio. Transmission ownership provides grid integration and integration_interoperability advantages.
• Agrivoltaic (Agri-PV) Projects Dual land-use solar projects that integrate renewable energy generation with ongoing agricultural activity (grazing and cultivation), developed in partnership with local farming businesses. Recent examples include the 18 MW Grumento Agri-PV (Basilicata) and 8 MW Colleferro Agri-PV (Lazio), both awarded 20-year Contracts for Difference under Italy's FER-X support mechanism.
• Phoenix II Solar Revamping and Repowering Programme A major revamping and repowering programme delivered across 15 solar plants in Italy (eight sites in Sicily, seven in Lazio) with combined installed capacity of 42.8 MWp. The programme upgraded solar modules (removing 455,000+ panels, installing ~96,000 higher-efficiency panels), inverters, transformers, electrical infrastructure and monitoring systems; in several locations fixed structures were replaced with single-axis trackers. Delivers 14.3 MWp of additional generating capacity across nine plants, more than 30% increase in energy production, and over 25% improvement in performance ratios.
• Wambo Wind Farm A 500+ MW wind development project in south-west Queensland's Western Downs region near Jandowae, Australia, jointly developed by Cubico and Renewable Energy Partners. Stage 1 (252 MW) is a 50:50 joint venture with Stanwell Corporation (Queensland Government-owned) featuring 42 Vestas V162-6.0 MW wind turbines with long-term offtake to Stanwell. Stage 2 adds 41 turbines (254.2 MW) for completion in 2026.
• Frodsham Solar NSIP A proposed solar farm in Cheshire West and Chester, UK, designed to generate over 100 MW of clean electricity alongside a co-located Battery Energy Storage System (BESS) to support grid stability. Progressing as a Nationally Significant Infrastructure Project (NSIP) through a Development Consent Order (DCO). Includes biodiversity enhancements such as wetland bird habitat creation and permissive paths.
• Grupo T-Solar Platform A 274 MW solar power generation platform acquired from I Squared Capital, comprising 47 operational assets including 167 MW of solar PV and 100 MW of CSP across Spain, plus 7 MW of solar PV in Italy, with a ~1.4 GW solar development pipeline. Cubico subsequently acquired the MEAG minority shareholding to become sole owner. Combined with Cubico's existing Spanish business, the acquisition made Cubico one of the largest companies by value in Spain's renewables market.
• C2 Energía Joint Venture Platform (with Celsia) A 50/50 joint investment platform with Celsia for solar PV development and operation in Colombia. The platform operates 20 solar farms each larger than 8 MW across Valle del Cauca, Cauca, Tolima, Sucre and Bolívar, with a combined operational capacity of 356 MWp. Notable projects include the commissioned Celsia Solar Buga 2 (15.16 MWp), the Valledupares complex (80 MWp) and the Escobales complex (150 MWp) in Tolima.

Quantifiable outcome

• 3.6 GW of operational renewable energy capacity across 9 countries
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

17 partnerships are on record, tiered core and minor.

• CelsiacoreStrategic or Co-development PartnerJoint-venture partner for Cubico's renewable energy operations in Colombia. The JV combines Celsia's local market presence and offtake relationships with Cubico's international development and operating capability.
• Peel L&P (Peel NRE)coreStrategic or Co-development PartnerFormer UK joint-venture partner; the JV portfolio was subsequently fully acquired by Cubico, making Peel a historical strategic partner in the UK market.
• Stanwell CorporationcoreStrategic or Co-development PartnerJoint-venture partner and PPA off-taker for the Wambo Wind Farm in Australia, providing both local development capability and long-term offtake.
• GLIL InfrastructurecoreStrategic or Co-development PartnerUK joint-venture partner, pooling institutional capital with Cubico to invest in UK renewable energy infrastructure.
• Storaltil SRLcoreStrategic or Co-development PartnerItalian joint-venture partner co-developing battery energy storage system (BESS) projects in Italy with Cubico.
• Renewable Energy PartnersminorStrategic or Co-development PartnerCo-developer of the Wambo Wind Farm in Australia alongside Cubico and Stanwell.
• EolusminorStrategic or Co-development PartnerDeveloper/seller of the Wind Wall 1 wind project acquired by Cubico; counterparty in the corresponding Amazon PPA transaction.
• ZEG Energias RenováveisminorStrategic or Co-development PartnerBrazilian co-developer of renewable energy projects with Cubico.
• OSMI AustraliaminorStrategic or Co-development PartnerAustralian partner on the Delburn Wind Farm project.
• AECOMminorImplementation/ SI/ Consulting PartnerInfrastructure consulting and engineering firm engaged on Cubico's renewable energy projects.
• NeoenminorOthersCounterparty that sold the Cabrela project in Brazil to Cubico.
• Riverstone / Silver Ridge Power Italia (SRPI)minorOthersCounterparty that sold Italian renewable energy assets (via Silver Ridge Power Italia) to Cubico.
• I Squared CapitalminorOthersSeller of renewable energy assets acquired by Cubico.
• KKRminorOthersMinority seller of portfolio assets acquired by Cubico.
• MEAGminorOthersMinority seller of portfolio assets acquired by Cubico.
• Partners GroupminorOthersSeller of renewable energy assets acquired by Cubico.
• BrookfieldminorOthersSeller of renewable energy assets acquired by Cubico.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Peers

• Neoen:

Broad incumbents

• Brookfield Renewable Partners: One of the world's largest publicly-listed renewable energy platforms with ~31 GW of operating capacity and a multi-technology portfolio (wind, solar, storage). Highly comparable as a long-duration owner-operator with corporate and utility PPAs, and a former counterparty to Cubico (Brookfield sold a 121 MW Uruguay portfolio to Cubico in 2023).
• Enel Green Power: Global renewable energy subsidiary of Enel Group with ~60 GW of operating capacity across wind, solar, geothermal and storage in Europe, the Americas and Asia. Comparable as a multi-technology, multi-jurisdiction owner-operator with substantial presence in Spain, Italy, the US, Brazil and Colombia—markets where Cubico also operates.
• Iberdrola Renovables: Renewables arm of Iberdrola, one of the world's largest wind and solar developers with global operations spanning Europe, the Americas and Australia. Comparable to Cubico's multi-jurisdiction wind/solar footprint and contracted offtake model, though at significantly greater scale.
• AES Corporation: US-listed global power company with major renewables and BESS franchise (AES Next) and a portfolio spanning wind, solar and storage in the Americas, Europe and Asia. Cubico Chairman Paul Hanrahan is a former AES CEO, indicating close industry ties; comparable as a long-term renewables and storage owner-operator with hyperscaler PPA exposure.
• RWE Renewables: European-headquartered utility-scale renewables platform with onshore/offshore wind, solar and storage across Europe, the Americas and Asia-Pacific. Comparable to Cubico's multi-technology, multi-jurisdiction model and to its PPA-driven contracted revenue model, particularly in Iberia and the UK.
• EDP Renováveis: Global renewable energy developer and operator majority-owned by Energias de Portugal, with ~15 GW of installed capacity across wind and solar in Europe, North America and Latin America. Comparable as a long-term owner-operator with strong US and Iberian exposure overlapping Cubico's footprint.
• Engie (Renewables arm): French-listed multinational utility with a major renewables and BESS franchise across Europe, the Americas, MENA and Asia-Pacific. Comparable as a multi-technology renewables owner-operator with similar corporate PPA exposure and Iberian/Latin American overlap with Cubico.

Direct peers

• NextEra Energy Partners: Yieldco-style renewable energy IPP focused on contracted wind, solar and storage assets in the US and selectively in Europe, with long-term PPAs and corporate offtake contracts. Comparable in contract structure and asset mix to Cubico's US portfolio (>800 MW operational) and to its bilateral PPA model with hyperscalers and utilities.
• Celsia: Colombian energy company and Cubico's 50/50 JV partner in C2 Energía (20+ solar farms / 356 MWp). Directly comparable as a regional wind and solar owner-operator in Colombia and Central America, sharing offtake, regulatory and co-development capabilities with Cubico.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedIncubicoinvest.com/careers

Compliance59 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cubico Sustainable Investments