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KKR among PE suitors for $6bn Cubico

Private equity giant KKR has emerged as a key player in the race to acquire Cubico Sustainable Investments, a UK-based renewable energy firm valued at approximately $6bn, including debt, according to a report by Reuters.

The report cites unnamed sources familiar with the matter as revealing that the sale process, which was initiated by Cubico’s owners — Canada’s Public Sector Pension Investment Board (PSP) and the Ontario Teachers’ Pension Plan (OTPP) — has also attracted interest from Italian energy conglomerate Enel, as well as other infrastructure investors and funds.

Non-binding offers were submitted last week, with Bank of America and Canadian Imperial Bank of Commerce overseeing the sale process, according to the sources.

KKR, Bank of America, Cubico, PSP, OTPP, and Canadian Imperial Bank of Commerce have all declined to comment, while Enel also refrained from addressing what it termed “market rumours.”

Cubico, established in 2015 as a joint venture between PSP, OTPP, and Banco Santander SA, has grown into a major player in the renewable energy sector. The Canadian pension funds acquired Santander’s stake in 2016, becoming equal owners. Today, Cubico operates wind and solar farms across Europe, the Americas, and Australia, with a total capacity of 2.8 gigawatts (GW). The company also has expertise in concentrated solar power and transmission line technology, positioning it as a key asset in the global energy transition.

For KKR, a successful bid for Cubico would mark another significant move in its expanding renewable energy portfolio. The firm has been actively investing in the sector, leveraging its deep expertise in infrastructure and its ability to deploy large-scale capital.

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