The Huntley project marks the third project to reach financial close in the 580MW portfolio of five solar PV projects acquired from Cypress Creek Renewables
Image: The Huntley solar PV project is currently under construction. Photo: Courtesy of Jukka Niittymaa from Pixabay.
Cubico Sustainable Investments, a global investor in renewable energy, has recently closed financing for the 100MW Huntley solar PV project in Orangeburg County, South Carolina, US.
Cubico said that the Huntley project marks the third project to reach financial close in the 580MW portfolio of five solar PV projects it has acquired from Cypress Creek Renewables in January 2019.
Cypress Creek Renewables CEO Sarah Slusser said: “Reaching financial close of Huntley is a major milestone for Cypress Creek and our continued relationship with Cubico. We’re also excited to expand our partnership with Bowman and the greater Orangeburg County community with the construction of the Huntley project and our long-term operations and maintenance commitment.”
The Huntley solar PV project is currently under construction and is expected to start operations fully in the summer of 2020.
US Bank has supported the project by providing tax equity, while HSBC, along with Rabobank and Nord/LB, has provided project finance debt.
Palmetto project of Cubico also secured financing from the same institutions
In addition, Cubico’s another utility scale solar project Palmetto, which broke ground in Orangeburg County in December 2018, secured financing from the same parties.
Cubico Americas head Ricardo Díaz said: “It is so pleasing to see the build out of our USA business continuing at pace; we are now one of the largest owners of utility scale solar PV in South Carolina. We are very excited about the growth prospects for our USA business going forward.”
Cubico USA head Oliver Alexander added: “We are delighted to work with such strong partners on the financing of this project and the wider portfolio. I would like to thank everyone at U.S. Bank, HSBC, Rabobank and Nord/LB for their ongoing support with our USA growth strategy.”
In June, the company reached financial close for a 105MW solar PV project in Pender County, North Carolina.
The Pender County PV project marks the second project to reach financial close from the 580MW portfolio of solar PV projects and is currently under construction.
Nord/LB and Santander provided debt financing for the project, which is expected to become fully operational this year.