Two companies in the renewable energy sector have formed a 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 natural resources and energy business Peel NRE and global investor in renewable energy Cubico Sustainable Investments (Cubico) will originate, develop and operate a portfolio of projects over the next 5 to 10 years with an ambition to reach a total capacity of over 500MW.

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Projects to sit under the newly formed Peel Cubico Renewables Ltd 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, part of regeneration business Peel L&P, 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.