Peel in renewable energy joint venture to drive green agenda

Peel's Frodsham wind farm in Cheshire

Manchester property giant Peel L&P has formed a strategic joint venture partnership to develop more onshore wind and solar photovoltaic (PV) projects across the country in support of the UK’s decarbonisation agenda.

The partnership between the group’s natural resources and energy business Peel NRE and global investor in renewable energy Cubico Sustainable Investments will originate, develop and operate a portfolio of projects over the next five to 10 years with an ambition to reach a total capacity of more than 500MW.

Projects to sit under the newly-formed Peel Cubico Renewables will be a combination of grid scale and private wire developments, providing renewable electricity to the grid or directly to end-users to help decarbonise energy intensive businesses.

Peel NRE builds on 20 years’ experience of delivering transformative and successful energy projects and will lead on identifying sites and early stage development activities across the UK, using its own estate where appropriate.

Cubico has an installed capacity of more than 4GW across 12 countries in Europe, the Americas and Oceania and will bring expertise in financing, route to market, construction and operation.

By bringing together the expertise of each organisation, Peel L&P and Cubico will be at the forefront of the net zero energy transition and play a pivotal role in the green recovery.

Peel NRE launched in January this year and combines the expertise of its former energy, environmental and water teams to become a major player in low carbon infrastructure and technologies and projects that promote a circular economy.

Rob Tate, Peel NRE’s development director for energy, said: “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.”

Matt Boss, head of Northern Europe at Cubico, said: “As an established owner and operator of wind and solar PV projects across the UK, Cubico is excited to partner with Peel NRE to develop the next generation of renewable projects and provide more communities and businesses with the benefits of clean power.

“We look forward to combining our skills and capabilities as we work towards achieving our joint goal of advancing the energy transition we so urgently need.”