First published on the BWEC Blog, January 2016
Cubico Sustainable Investments has confirmed the acquistiion of two wind farms in Brazil from Casa dos Ventos for R$2 billion - and has announced that it has opened an office in São Paulo. The acquistion was finalised late last year and is believed to be the lagest M&A deal in the Brazilian wind sector last year (and the first by Cubico in Brazil). The transaction included the Caetés plant (182 MW) in Pernambuco state, and the Ventos do Araripe I plant (210 MW), in Piauí state.
Cubico, which was founded in May 2015 and is headquartered in London, is an investor and manager of long-term global assets in renewable energy and water. It is owned by Banco Santander SA; the Ontario
Teachers' Pension Plan (OTPP); and Canada's Public Sector Pension Investment Board (PSP Investments).
The purchase from Casa dos Ventos adds 392 MW to Cubico's Brazilian portfolio, which also includes 223 MW of wind assets which were transferred from Santander's former global portfolio. With a total portfolio of 615 MW of operating wind assets, Cubico now ranks as the third largest player in the wind energy sector in Brazil, According to Eduardo Klepacz, Head of the Brazil division at Cubico:
"The transaction positions Cubico as an investor that is committed to Brazil. We are able to capitalize on opportunities due to our long-term strategy that allows us to maintain and manage assets for a period of between 20 and 40 years. We believe in the renewable energy generation sector in Brazil and with the new office in São Paulo we are pursuing investment opportunities not only in the
country, but also in other regions of Latin America, such as Peru, Colombia, Uruguay, Panama and Costa Rica."