London-based renewable energy investor Cubico Sustainable Investments has acquired a portfolio of 12 solar and hybrid power projects in Mexico, adding 1.6GW of capacity to the firm’s development portfolio in the country.
The projects – acquired in two unspecified transactions – bring Cubico’s total Mexican project portfolio to 2.2GW, adding to its three existing projects. They are located across seven states and in various states of development.
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Financial details of the acquisition, or the party from whom Cubico acquired the assets, were not disclosed.
Osvaldo Rance, country head for Mexico at Cubico Sustainable Investments said: “We are confident that these projects will play a vital role in meeting the growing demand for clean energy in the region. Looking ahead, we will be seeking both public and private offtakers.”
Central and Latin America is a significant region for Cubico. Last year the company spoke to PV Tech Premium following its decision to acquire a 1GW Brazilian PV plant in agreement with ZEG Energias Renováveis. A spokesperson said that the Brazilian market was an attractive one for solar investment, and that it could become the dominant form of electricity generation in coming years.
The investor has expanded operations into Colombia, with a plan to co-develop 600MW of PV projects alongside a Colombian utility.
In August 2022, Cubico signed a deal with technology company Fluence for optimisation services at two of its three operational PV plants in Mexico. The Solem I and II projects in El Lano, Mexico, would receive digital operations and maintenance (O&M) optimisation under the deal, using Fluence’s asset performance management (APM) software.