Finance
Exclusive-Enel, KKR among potential bidders for UK's Cubico, sources say
Published by Global Banking and Finance Review
Posted on January 27, 2025
2 min readLast updated: January 27, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on January 27, 2025
2 min readLast updated: January 27, 2026
Enel and KKR are potential bidders for Cubico Sustainable Investments, valued at $6 billion. PSP and OTPP are considering the sale, managed by Bank of America and CIBC.
By Andres Gonzalez and Isla Binnie
LONDON/NEW YORK (Reuters) - Italy's Enel and private equity group KKR are among potential bidders for Britain-based Cubico Sustainable Investments, people with knowledge of the process said.
Two of Canada's biggest pension funds - the Montreal-based Public Sector Pension (PSP) Investment Board and the Ontario Teachers' Pension Plan (OTPP) - have been considering a sale of the renewable energy firm, which could be valued at about $6 billion or more, including debt, sources previously told Reuters.
Non-binding offers were due last week, three people with knowledge of the process said. Bank of America and Canadian Imperial Bank of Commerce were hired to run the sale in recent months, one of the people and a fourth one said. The fourth person said that the process had drawn interest from other funds as well.
The four people were speaking on condition of anonymity because the process is private.
KKR, Bank of America, Cubico, PSP, OTPP and Canadian Imperial Bank of Commerce declined to comment. An Enel spokesperson declined to comment on "market rumours".
Infrastructure investors and corporate utilities have been drawn to renewable power developers and other service providers focused on the energy transition in recent years. However, some of the excitement has waned, especially in the United States, as soaring electricity demand for artificial intelligence and Donald Trump's return to office have revived demand for fossil fuels, including gas as a power source.
The company was formed in 2015 when the two funds partnered with Banco Santander SA to form Cubico and later became equal owners after buying out the Spanish bank's stake in 2016.
Cubico is an operator of wind and solar farms across Europe, North and South America and Australia, as well as concentrated solar power and transmission line technology operations with a capacity of 2.8 gigawatts (GW).
Earnings before interest, tax, depreciation and amortization (EBITDA) was $625 million in 2023 with $783 million in revenue, according to its accounts.
(Reporting by Andres Gonzalez in London and Isla Binnie in New York. Additional reporting by Francesca Landini. Editing by Anousha Sakoui and Sharon Singleton)
Italy's Enel and private equity group KKR are among potential bidders for Cubico Sustainable Investments.
Cubico operates wind and solar farms across Europe, North and South America, and Australia, focusing on renewable energy.
Cubico reported an EBITDA of $625 million and revenue of $783 million in 2023.
Bank of America and Canadian Imperial Bank of Commerce were hired to manage the sale of Cubico.
Infrastructure investors and corporate utilities have been drawn to renewable power developers due to the focus on energy transition.
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