A new renewable energy partnership has been announced for the UK market with an ambition to originate, develop and operate a portfolio of onshore wind and solar PV projects with more than 500 MW capacity in the country over the next 5 years to 10 years.
To develop this capacity, renewable energy investor Cubico Sustainable Investments and Peel NRE, the natural resources and energy business of Manchester based property group Peel L&P, have formed a strategic joint venture partnership.
The joint venture, Peel Cubico Renewables Ltd. will undertake projects that will be a 'combination of grid scale and private wire developments', that will supply clean energy to the grid or directly to end users to help decarbonize energy intensive businesses.
Launched in January 2021, Peel NRE will identify sites and lead early stage development activities across the UK, using its own estate where appropriate, as its parent company Peel L&P owns and manages 12 million sq. ft. of property and 20,000 acres of land and water in the UK.
To this partnership, Cubico brings its expertise in financing, route to market, construction and operation, gained from more than 4 GW it has installed over the years.
"Both Peel NRE and Cubico bring strengths in many areas to this partnership and by working together, we can scale up and increase the pace of which we can provide the country with more renewable energy generation to support national and regional net zero carbon targets as well as delivering the potential for significant growth for both businesses," said Peel NRE's Development Director for Energy, Rob Tate.
With this announcement, Peel Cubico Renewables Ltd. has entered the very competitive renewables market of the UK that of late has heard some big announcements. Chinese solar company that has now moved its headquarters to the US, ReneSola has announced some partnerships for this market (see ReneSola Announces Another PV Joint Venture In UK). In January 2021, Windel Capital said it will develop 1.4 GW solar power project portfolio in the UK, along with energy storage for Canadian Solar (see Canadian Solar Gets Partner For 1.4 GW Solar In UK).
In October 2019, Cubico joined hands with Celsia to develop 400 MW solar portfolio in Colombia (see Celsia & Cubico Partner For 400 MW Solar In Colombia).