Renewable energy investor Cubico Sustainable Investments has reached financial close for a 100MW solar PV project in Orangeburg County, South Carolina.
The Huntley solar PV project is one of a five-project portfolio spanning South Carolina, North Carolina and Texas that the London-based investment firm acquired from US-based solar developer Cypress Creek Renewables in January. Huntley is the third project from that package to achieve financial close.
Tax equity was provided by US Bank and project finance debt was provided by HSBC, Rabobank and Nord/LB. The same banks financed Cubico’s other utility-scale solar project in Orangeburg County, Palmetto, which started construction in December 2018.
The Huntley project is under construction and is set to become operational in the summer of 2020.
Ricardo Díaz, head of Americas at Cubico, said that it was “pleasing to see the build-out of our USA business continuing at pace. We are now one of the largest owners of utility-scale solar PV in South Carolina”.
According to the Solar Energy Industries Association, South Carolina is home to 18,133 solar power installations, producing 780.72 megawatts of energy annually and employing nearly 3,000 people.
Cubico is backed by two of Canada’s largest pension funds, PSP Investments and Ontario Teachers’ Pension Plan.