KKR through ContourGlobal has submitted a final bid for Cubico Sustainable Investments, as Qualitas also looks to assemble an offer for the multibillion-dollar renewable energy business, three sources familiar said.

KKR, which is bidding through its renewables business ContourGlobal but also using capital from one of its infrastructure funds, has already submitted an offer for Cubico, sources said, while Spanish investment manager Qualitas is planning to file one next week.

Qualitas is planning to invest through its own funds while bringing in LPs to co-invest in the business and is also working with banks to arrange acquisition financing for the transaction, one of the sources noted.

The initial bid deadline has been delayed to the week beginning 12 May having originally been set for the previous week, sources said, adding that they were not aware of any other bidders still being in the running.

Infralogic reported in March that ContourGlobal had been shortlisted on the sale, joined by Qualitas.

Cubico’s owners Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension (PSP) Investment Board appointed Bank of America and CIBC last year to advise on a sale of the business and collected initial offers this January.

Cubico has a global portfolio of over 3.2 GW in operation and construction and 17 GW pipeline across Europe, the Americas and Australia. It is expected to be valued as high as USD 6bn, sources said. It posted EBITDA of USD 625m in 2023.

Qualitas, which recently secured the backing of AMG, a US investor in partner-owned firms globally, has a portfolio of more than 11 GW of renewables assets in operations and development.

ContourGlobal, taken private by KKR in 2022, manages close to 8 GW of installed power generation capacity including renewables in 20 countries across Europe, Africa, Asia, North and South America.

KKR backs various clean energy platforms globally including German renewables business Encavis, US-based Avantus and Stellar Renewable Power and Asian platforms Serentica Renewables, and Hero Future Energies.

ContourGlobal, Qualitas Energy, PSP Invest and OTPP declined to comment while KKR and Cubico did not respond to requests for comments.