A $2 billion (£1.3bn) energy investment firm has been launched today.
Cubico Sustainable Investments, which is headquartered in London, will manage and invest in renewable energy and water infrastructure assets globally.
It is owned equally by Santander and two of Canada’s largest pension funds, Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board.
It has assets in seven countries, including Portugal, Italy and the UK, with a total capacity of more than 1,400MW.
These includes 19 wind, solar and water infrastructure assets which were previously owned by Santander.
Senior Executive Vice President at Banco Santander S.A, Juan Andres Yanes, said: “We are confident this venture represents a significant milestone for Santander to increase its footprint in the renewable and water infrastructure industry.”