Cubico Sustainable Investments names CEO

25 July 2017 - 12:00 am UTC

Cubico Sustainable Investments has named Stephen Riley as chief executive officer, the London-headquartered firm said on 21 July.

Former CEO Marcos Sebares has left the global renewable energy and water infrastructure company, a spokesperson said in an email to Inframation.  An automated response to Sebares’s work email address said he no longer worked at Cubico as of March 30.  

Riley had been a non-executive director at Cubico since January. A chartered engineer, he was formerly a director of the board of International Power Plc, where he headed up plant operations, energy trading, financial performance, and business development for the group’s European portfolio.

The firm did not immediately make Riley available for comment

Cubico Sustainable Investments runs offices in London, São Paulo, Milan, Stamford (Connecticut, US), and Mexico City.

In July 2016, PSP and OTPP acquired Santander’s indirect interest in Cubico Sustainable Investments for an undisclosed sum. At that time, the firms said Sebares would continue to manage the company. PSP and OTP said Santander had owned 33.3% of Cubico.

Spokespeople for PSP and OTPP did not comment on the departure of Sebares, who had led the firm since the company’s establishment in 2015 from an initial 1.2GW portfolio of wind, solar and water infrastructure assets previously owned by Santander. At its formation, Cubico was led by Santander’s former Asset & Capital Structure team, which had been headed up by Sebares.

Among Cubico’s recent Latin American transactions, it is seeking a USD 100m loan from the North American Development Bank (NADB) for the 250MW El Mezquite wind farm project in Mexico. Cubico teamed up with German investor DEG – a subsidiary of KfW – in a joint venture to sponsor the wind farm, according to the NADB.