Cubico acquires solar portfolio in UK
Cubico Sustainable Investments, the global leader in renewable energy and water investment, has announced it has acquires ten operational solar projects in UK with a total capacity of 65 MW from British Solar Renewables (BSR).
The 10 solar parks, principally located in South West of England, are: Hadlow (19MW), Barton Close (4.6MW), Newlands (5MW), Bake Farms (5MW), Grantham (5MW) Overton (4MW) Wisbech (3MW) Southfield Farm (10MW), Kinblethmont (5MW) and New Mains of Guynd (5MW), the Scotland’s largest solar park in County Angus
The projects will be added to Cubicos's portfolio, which now consists of 29 assets including wind, solar, and water infrastructure, distributed along 8 different countries, with a total capacity of 1,900 MW.
BSR, specialized in the construction of solar parks, designed, built and connected to the grid the parks and after the acquisition, it will be in charge of the operations and maintenance of the plants, as part of a long-term relationship between the two companies established by the deal.
Cubico has also accomplished the financial close of eight of this solar parks under a portfolio financing facility with National Australia Bank. Moreover, the other two parks are expected to enter the facility shortly, taking the total debt to £60 million (US$79.5 million) on the total acquired BSR portfolio.
David Swindin, Head of EMEA at Cubico said:
“This acquisition adds to our growing portfolio of renewable energy assets in the UK, which is now our second largest market globally. The transaction with BSR was completed swiftly and we now look forward to enjoying a close relationship with the company.”
David Peill, Commercial Director at BSR, said:
“We are delighted to have completed the successful sale of this portfolio of solar assets to Cubico, and look forward to continuing to build our relationship with such a capable purchaser and financier of renewable energy assets. The sale of these completed projects enables us to recycle our capital and focus on developing out our 1.2 ROC pipeline of projects using our in-house EPC and ICP teams.”
