The acquisition is expected to enable Cubico to enter the renewable energy market in Greece
UK-based renewable energy investor Cubico Sustainable Investments has agreed to acquire a 21MW operational onshore wind farm in Greece.
The financial details of the transaction have not been disclosed.
Located in the Viotia region of Sterea Ellada, the wind farm has been in operation since 2015. K-Wind Kitheronas Energy is the owner of the wind farm.
Cubico will acquire K-Wind Kitheronas Energy from Intracom Holdings, a Greece company engaged in IT services, construction projects and electronic defence systems.
The wind farm acquisition is expected to enable Cubico to enter the renewable energy market in Greece.
Cubico expects to complete acquisition in the first quarter
Cubico EMEA Head David Swindin said: “We are very pleased to enter the Greek market and play our part in helping the country’s transition to a low carbon future.
“We have been looking at the country for some time and are very keen to expand our presence there beyond this initial acquisition, having already started looking at further transactions.”
Additionally, a 12MW extension of the wind farm, which is anticipated to begin construction in the first quarter of this year, is also included in the transaction.
Completion of the transaction is also expected in the first quarter of this year.
In January last year, Cubico agreed to acquire a 580MW solar portfolio that included five solar projects from Cypress Creek Renewables (CCR).
The solar projects are located in the states of South Carolina, North Carolina and Texas.
In 2018, the renewable energy investor agreed to acquire a 29MW Portuguese solar portfolio that included three projects, from CEF Energia Ibérica, a Glennmont Partners’ company. The three projects included the 15.8MW Avalades, the 6.8MW Ferreiras and the 6.8MW Sol Cativante V.
Founded in May 2015, Cubico is a major investor in the renewable energy sector. With an installed gross capacity of nearly 3.1GW, the company has a presence in over eleven countries.