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January 24, 2019

Cubico Sustainable Investments to buy five US solar projects

Cubico Sustainable Investments has agreed to acquire five solar projects totalling 580MW from Cypress Creek Renewables (CCR). 

Cubico Sustainable Investments has agreed to acquire five solar projects totalling 580MW from Cypress Creek Renewables (CCR).

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These projects are in South Carolina, North Carolina, and Texas. Financial details of the deal have not been revealed.

Cubico head of Americas Ricardo Diaz said: “We are very proud of having reached this ground-breaking milestone to enter the US market that further consolidates Cubico in the Americas, after having created one of the leading renewable energy platforms in Latin America.

“We now plan to continue consolidating our presence in the market supporting developers to achieve their clean energy ambitions in the country.”

The first project in this portfolio to commence development is Palmett, near Orangeburg, South Carolina. This project achieved its financial close at the end of December 2018.

US Bank provided the tax equity, while HSBC and National Australia Bank offered construction financing and back leverage facility.

“It gives Cubico a diversified US solar market presence across multiple states and a range of offtake structures.”

The other four projects will all achieve financial close throughout the first half of 2019  before the construction begins.

Alongside the tax equity and debt, Cubico will invest up to $165m of equity to develop all projects in the portfolio.

These projects are expected to become operational by Q4 2020.

Cubico head of USA Oliver Alexander said: “We are delighted to have closed this large-scale portfolio acquisition with a leading developer like CCR, it gives Cubico a diversified US solar market presence across multiple states and a range of offtake structures. We look forward to working closely with CCR on taking the projects through financing and construction and into operations.”

US Bank vice-president and US Bancorp Community Development Corp business development officer Jon Peeples said: “US Bank is excited to begin a relationship with Cubico and be a part of its expansion in the US with this first project in South Carolina.”

CCR is currently providing the ongoing development, EPC and O&M service.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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