London-headquartered renewable energy financier Cubico Sustainable Investments has started operations of its 135MW solar PV plant in the state of Mississippi, US.
One of the largest solar plants in the southern US state, the project represents a 30% increase in installed solar capacity in Mississippi, according to data from trade association the Solar Energy Industries Association (SEIA). At the end of the second quarter of 2023, Mississippi had an installed capacity of 438MW for solar PV, ranking it at the bottom end of the country (36th), with most of the capacity coming from utility-scale projects such as Cubico’s.
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The Delta’s Edge solar project marks a milestone for the company as its first operational project to be connected to the Midcontinent Independent System Operator (MISO), the second largest regional transmission network in the country and a key market for future growth.
Moreover, Cubico has secured a 15-year power purchase agreement with utility Cooperative Energy, while closing tax equity financing last August that was supported by financial services companies Raymond James and Monarch Private Capital.
Stacey Kusters, the US country head at Cubico, said: “We are pleased to announce the successful commissioning of Delta’s Edge solar project, a significant milestone that fortifies the strong growth trajectory of our US business. With a long-term Power Purchase Agreement in place with well-established local utility Cooperative Energy, this project exemplifies our commitment to advancing the renewable energy transition across the country and making a positive impact on local communities.”
With this latest project Cubico brings its operational renewable capacity to over 750MW in the US, and over 1.4GW across North America, while having a pipeline of 270MW of renewable projects under construction and nearly 1GW of project under development across the US.