KKR among private equity firms pursuing $6bn renewable energy leader Cubico

KKR emerged as a key contender in the bidding process for Cubico Sustainable Investments, a UK-based renewable energy company valued at $6bn.

The sale, launched by Cubico’s owners—Canada’s Public Sector Pension Investment Board (PSP) and the Ontario Teachers’ Pension Plan (OTPP)—has drawn interest from major players, including Italian energy giant Enel and other infrastructure investors.

Non-binding bids were submitted last week, with Bank of America and Canadian Imperial Bank of Commerce overseeing the process. While KKR and other involved parties, including Enel, have declined to comment, the bidding war underscores the high value attached to Cubico in the renewable energy market.

Founded in 2015 as a joint venture by PSP, OTPP, and Banco Santander, Cubico operates wind and solar farms across Europe, the Americas, and Australia, with a combined capacity of 2.8 GW. The company’s portfolio also includes expertise in concentrated solar power and transmission line technology, making it a critical asset in the accelerating global energy transition. PSP and OTPP took full ownership of Cubico in 2016 after acquiring Santander’s stake.

A successful bid for Cubico would further expand KKR’s renewable energy investments, leveraging the firm’s infrastructure expertise and capacity for large-scale capital deployment. As the global push for renewable energy continues, Cubico remains a highly sought-after asset in the sector.

Source: Reuters

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