When completed, the power generated from the solar plant will be sold under a 20-year agreement to Dominion Energy
Cubico Sustainable Investments, a company investing in renewable energy, has acquired and achieved financial close for the 102MW Midlands solar plant, located in Calhoun County, South Carolina, US.
When complete, power generated from the Midlands solar plant will be sold under a 20-year power purchase agreement (PPA) to Dominion Energy. The Midlands solar plant is the third project to be acquired by the company in South Carolina, over the last year and it now owns more than 300MW in the state.
Cubico secured construction financing and back leverage from KeyBank. The company was advised by Sidely Austin, DNV GL and WSP.
Cubico Sustainable Investments, Americas head Ricardo Díaz said: “This year we have strengthened our investment and operations teams in the US, which has allowed us to become the largest solar PV owner in South Carolina, an exciting milestone for Cubico’s USA business.
“We already own nearly 600 MW in the US and look forward to our continued growth in the market with excitement about the future prospects we have in other states.”
Cubico recently acquired 50MW CSP plant in Spain
Few days ago, Cubico had acquired a 50MW operational concentrated solar power (CSP) plant in Spain. The company has acquired Arenales Solar, the owners of the CSP plant, from Pan-European Infrastructure Fund, managed by DWS.
Located in Morón de la Frontera, Seville, in southern Spain, the CSP plant has been operational since 2013. The project uses parabolic trough thermosolar technology with seven hours of molten salt storage.
Founded in May 2015, Cubico is backed by the resources of Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan, and PSP Investments, one of Canada’s largest pension investment managers.
Cubico’s portfolio in Iberia now consists eight assets across Spain and Portugal.
The company has projects in eleven countries with an installed gross capacity of approximately 3.3GW.