Spain’s largest renewable fund Qualitas Energy is the frontrunner to acquire clean-energy company Cubico Sustainable Investments, according to people with knowledge of the matter.
Qualitas has emerged as the leading bidder for the business after interest from KKR & Co.’s ContourGlobal, the other remaining suitor, has cooled, the people said, asking not to be identified as the information is private.
London-based Cubico is owned by Ontario Teachers’ Pension Plan and PSP Investments. The Canadian pension funds have been working with Bank of America Corp. on the potential deal, seeking a valuation of about EUR 7 billion ($7.9 billion), Bloomberg News reported last year.
A sale of Cubico could rank as one of the largest renewable energy deals this year globally and comes at a time the US administration’s refocus on boosting oil and gas supplies has reduced investor appetite for such assets.
Qualitas may consider bringing in partners to help fund the acquisition or seek to divest some of Cubico’s assets shortly after a deal is completed, one of the people said. There’s no certainty the deliberations will lead to a transaction, and ContourGlobal’s interest could still be rekindled, the people said.
Representatives for Qualitas, KKR, OTPP and PSP declined to comment.
Cubico was launched in 2015 by its current owners alongside Spain’s largest lender, Banco Santander SA, which sold its stake a year later. The company’s portfolio includes onshore wind and solar assets as well as battery energy storage systems and transmission lines, according to its website. It has a total installed capacity of 2.8 gigawatts, as well as 450 megawatts under construction and a development pipeline of more than 17 gigawatts. The firm has more than 500 employees globally.
Qualitas chiefly invests in energy transition and sustainability-related assets. It has raised EUR 4.6 billion since its inception in 2006, with 15 offices across Europe and the Americas.
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