Santander, OTPP, PSP Investments join forces for new business launch

May 28 (SeeNews) – Spanish banking giant Banco Santander SA (BME:SAN) has teamed up with Canadian pension fund managers Ontario Teachers' Pension Plan (OTPP) and the Public Sector Pension Investment Board (PSP Investments) for the launch of a UK-based company that will focus on renewable energy and water infrastructure investments, the parties announced in a joint statement on Thursday.

The newly created company is called Cubico Sustainable Investments and is headquartered in London. Cubico starts with a portfolio worth over USD 2 billion (EUR 1.8bn) after Santander transferred 19 wind, solar and water infrastructure assets to the new business. In addition to the UK, Cubico also has assets in Brazil, Mexico, Uruguay, Italy, Portugal and Spain, the statement said.

Ownership of the new entity will be split equally among the three founding organisations. Cubico will have as its CEO Marcos Sebares, a member of the former Asset & Capital Structuring team at Santander. The rest of that 30-strong team represents the human capital of Cubico, the statement added.

(USD 1=EUR 0.914)

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