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.

17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.
7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 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

February 7, 2025
Former Borrego Solar president of engineering, procurement and construction (EPC) Brian Barker has launched a new EPC, dubbed Aquila Energy.
February 7, 2025
Three investments into the US community solar sector paint a picture of a fast-growing sector being targeted by private asset managers.
Premium
February 6, 2025
Donald Trump's latest tariff threats will have only a minimal impact on PV manufacturing but could create future procurement headaches, write Jonathan Touriño Jacobo and Will Norman.
Premium
February 5, 2025
PV Talk: Origami Solar CEO Gregg Patterson believes a rapid transition from aluminium to steel as the standard material for PV module frames is imminent.
February 5, 2025
Though Donald Trump's executive orders have created uncertainty for US solar, growth will continue, write Bob Moczulewski and Joel Laubenstein.
February 5, 2025
Enphase Energy's financial results follow a wider trend in the inverter market, which has seen major players struggle to adapt.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany