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Cubico divests stake in UK wind, solar portfolio

Cubico Sustainable Investments has sold a 49% equity stake in its U.K. wind and solar portfolio to GLIL Infrastructure LLP, a £1.8 billion infrastructure fund backed by Northern LGPS and Local Pensions Partnership.

The portfolio has been in operation for over three years and consists of more than 250 MW of wind and solar projects across 18 U.K. sites.

Cubico will provide management services for the operation of the assets.

Cubico, which is owned by Canadian pension funds Ontario Teachers' Pension Plan and PSP Investments, was advised on the deal by legal advisers Clifford Chance and Brodies, technical adviser Natural Power and financial adviser KPMG.

GLIL worked with legal adviser CMS, technical adviser Everoze, and corporate and financial adviser Ernst & Young.