Through their joint venture, Spain’s Banco Santander SA (BME:SAN) and two major Canadian pension funds have bought 392 MW of wind farms in Brazil for BRL 2 billion (USD 493.5m/EUR 453m), an official told Bloomberg.

Cubico Sustainable Investments, which is owned by Santander, Ontario Teachers' Pension Plan and Public Sector Pension Investment Board (PSP Investments), acquired the assets from Casa dos Ventos Energias Renovaveis SA last month, Eduardo Klepacz, Cubico’s head in Brazil, said in an interview with the news agency.

Meanwhile, Lucas Araripe new-business director at Casa dos Ventos, told Bloomberg that the sale proceeds will be reinvested in the company’s growth.

London-based Cubico, which was formed in May 2015 with an initial 19 wind, solar and water infrastructure assets totalling over 1.4 GW, now has 615 MW of wind power capacity in Brazil. Its objective is to double its size within five years, Klepacz said as cited by Bloomberg.