Cubico Sustainable Investments has acquired a 200MW French wind development business from InControl and Biorganotec.
Cubico will gain a portfolio of more than 10 projects in development across France through the acquisition.
The developer’s existing onshore wind team will be integrated into Cubico to allow for “seamless development” of the portfolio.
Cubico will also inherit an office in Toulouse and will establish a presence in Bordeaux.
The investor said its presence in the French market is now “fully established” and it is looking to build its business in the country around this portfolio.
Cubico EMEA head David Swindin said: “We are delighted to be consolidating our position in the French market with this acquisition, as well as helping to fulfil our strategic plan to diversify our investments into development alongside our traditional business model of acquiring projects at ready to build or when operational.
“We believe this acquisition provides us with the platform to grow our presence in France and we are actively seeking new investment opportunities.”
Cubico France head Stephen Packwood said: “This acquisition is a great example of Cubico’s flexible investment mandate and we look forward to developing this portfolio, as well as making further acquisitions to boost our presence in France.
“We are particularly pleased to have also acquired a great team of professionals who will strengthen and broaden our existing capabilities, contributing to our future growth plans.”
InControl director Frank Coenen added: “We are proud of having assisted with Cubico’s entrance to the French onshore wind market and will now continue focusing on our presence in the European renewable energy industry.”