Cubico Sustainable Investments has closed the financing for two solar projects in Portugal totalling 29.4MW.
Cubico has raised €65 million for two projects awarded the feed-in tariff in 2011. The 22.6MW Avalades and Ferreiras were acquired from a Glenmont Partners-backed company. Another €20 million has been designated for a 6.8MW project in southern Portugal “which Cubico will acquire subject to the fulfilment of a condition”.
“We are very pleased to have closed this non-recourse financing in Portugal as part of the expansion of our portfolio in the Iberian Peninsula. We look forward to further acquisitions in the coming period,” said David Swindin, head of EMEA at Cubico.
Portugal has recently been gaining attention as unsubsidised new-build solar projects gain traction.