Italy's Enel, KKR Eye Bid for Cubico Sustainable Investments
Italy's Enel and private equity giant KKR are reportedly among potential suitors for Cubico Sustainable Investments, a leading UK-based renewable energy firm.
Canada's largest pension funds, PSP Investments and OTPP, are reportedly considering a potential sale of Cubico, estimated to be worth approximately $6 billion, including debt.
Non-binding offers were submitted last week, according to sources familiar with the process. Bank of America and Canadian Imperial Bank of Commerce are overseeing the sale.
Other funds have also reportedly expressed interest, but all parties involved have remained anonymous due to the private nature of the negotiations.
Infrastructure investors and corporate utilities have increasingly pursued renewable power developers amid the global energy transition. However, recent market volatility and the resurgence of fossil fuel demand in some regions have tempered enthusiasm.
Cubico, established in 2015, operates wind and solar farms across Europe, the Americas, and Australia, with a capacity exceeding 2.8 gigawatts. In 2023, the company reported EBITDA of $625 million on $783 million in revenue.