Renewables investor Cubico Sustainable Investments (Cubico) has signed an agreement with energy solutions platform ZEG Energias Renováveis (ZEG) to acquire a developing solar PV project in Brazil.
The transaction consists of a 1GW solar PV complex located in the municipalities of Sobral and Santana do Acaraú in the state of Ceará. According to Cubico, the project is expected to generate more than 2,000GWh a year, and it is said to be one of the largest solar development projects in Brazil.
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Both Cubico and ZEG will co-develop the project, including the negotiation of supply contracts and offtake agreements with third parties.
“We see this as the start of an exciting partnership with ZEG, where we combine Cubico’s global in-house development capability, construction and operational experience and proven financing track-record with their expertise on renewable projects development and energy commercialisation in the local market,” said Francisco Moya, country head of Brazil and rest of Latam at Cubico.
He added that the project is Cubico’s first investment in solar assets in Brazil. At the same time, the company will be actively looking to grow its portfolio through the acquisition and development of other PV and onshore wind projects.
ZEG’s CEO Daniel Rossi added: “Project Sobral will increase our availability of renewable energy to consumers and clients interested in decarbonising their production process.”
Last year, Cubico signed an agreement with technology provider Fluence to optimise the performance of 350MW of solar PV in El Llano, Mexico. The contract continued an ongoing collaboration between the companies, with 626MW of solar assets being monitored and analysed across the US and the EU so far.