Cubico closes finance on 162MW Texas solar project to power Starbucks

Facebook
Twitter
LinkedIn
Reddit
Email

London-headquartered investor Cubico Sustainable Investments has achieved financial close on the 162MW Wagyu solar PV project in Brazoria County, Texas, the US.

The project has a 15-year power purchase agreement (PPA) with global coffeehouse giant Starbucks and this includes a 12-year physical hedge from BP.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Cubico acquired a PV portfolio from Cypress Creek Renewables in January 2019 covering five projects with a cumulative capacity of 580MW capacity. Wagyu is the fourth of these projects to reach financial close, following the Palmetto Plains and Huntley projects in South Carolina and Crooked Run in North Carolina.

Renewable Energy Systems (RES) ia already working on the Wagyu project as EPC contractor and project completion is expected in Q3 2020. Cypress Creek will then provide O&M services.

Oliver Alexander, head of USA at Cubico, said: “Wagyu is a great addition to Cubico’s USA business, representing a number of firsts for the company including its first corporate PPA  and first physical hedge, whilst also establishing long-term relationships with offtake counterparties Starbucks and BP. We are very pleased to be working with RES on new construction projects again and look forward to continuing to work with Cypress Creek on new project investments into 2020 and beyond.”

Project finance debt was provided by HSBC, Nord LB and Rabobank and tax equity was provided by US Bank.

Cubico is backed by two of Canada’s largest pension funds and has a global portfolio in ten countries with an installed gross capacity of approximately 3.1GW. It has had recent project progress in Mexico, Colombia and South Carolina.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

May 28, 2024
US solar project company Pine Gate Renewables has signed an environmental asset purchase agreement (EAPA) with the social media giant Meta for a 204MW solar PV project in Temple, Texas.
May 24, 2024
Ørsted has closed a US$680 million tax equity financing with JP Morgan for a solar project, alongside a solar-plus-storage project.
May 24, 2024
US power distribution company Entergy Louisiana has received approval from the Louisiana Public Service Commission (LPSC) to add up to 3GW of solar PV.
May 24, 2024
US independent power producer Pivot Energy and electric vehicle (EV) manufacturer Rivian have partnered to build 60MW of community solar in Illinois, US.
May 23, 2024
Spanish firm Acciona Energía has commissioned its 458WM Red-Tailed Hawk PV project in the US state of Texas.
May 23, 2024
The flurry of recent tariff changes for solar imports to the US is likely to make products from Southeast Asia less attractive to buyers, according to renewables analysis firm Clean Energy Associates (CEA).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)
Solar Media Events
June 4, 2024
London, UK
Upcoming Webinars
June 11, 2024
3:00 PM (BST) / 4:00 PM (CEST)
Solar Media Events
July 2, 2024
Athens, Greece