Cubico said that the acquisition enabled it to fully establish its presence in the French market
Renewable energy investor Cubico Sustainable Investments has acquired a 200MW onshore wind development business in France.
The development portfolio has been acquired from Luxembourg-based wind farm developer InControl and Biorganotec.
Spread out across France, the portfolio consists of more than 10 wind projects.
Cubico is expected to integrate the business’s existing onshore wind team into it for the development of the portfolio.
In addition, the company will inherit an office in Toulouse and intends to build a presence in Bordeaux.
Cubico France head Stephen Packwood said: “This acquisition is a great example of Cubico’s flexible investment mandate and we look forward to developing this portfolio, as well as making further acquisitions to boost our presence in France.
“We are particularly pleased to have also acquired a great team of professionals who will strengthen and broaden our existing capabilities, contributing to our future growth plans.”
Cubico establishes presence in French wind market with the acquisition
Cubico said that the acquisition enabled it to fully establish its presence in the French market.
The company plans to build its renewable business in the country around this portfolio.
InControl director Frank Coenen said: “We are proud of having assisted with Cubico’s entrance to the French onshore wind market and will now continue focusing on our presence in the European renewable energy industry.”
Founded in May 2015, Cubico is backed by the resources of Canada’s largest single-profession pension plan Ontario Teachers’ Pension Plan, and PSP Investments, one of Canada’s largest pension investment managers.
In February, Cubico acquired a 50MW operational concentrated solar power (CSP) plant, from Pan- European Infrastructure Fund, managed by DWS, a global infrastructure asset manager.
Operating since 2008, the Arenales project is located in Morón de la Frontera, Seville, in southern Spain.