Cubico Sustainable Investments will acquire a 580MW portfolio of solar projects from US developer Cypress Creek Renewables.
The projects mark Cubico’s first in the US market.
One of the five projects has already reached financial close. The sites are split across Texas and the Carolinas.
“We are very proud of having reached this ground-breaking milestone to enter the US market that further consolidates Cubico in the Americas, after having created one of the leading renewable energy platforms in Latin America,” said Ricardo Diaz, head of Americas at Cubico. “We now plan to continue consolidating our presence in the market supporting developers to achieve their clean energy ambitions in the country,” he added.
The remaining four projects will close in the first half of 2019 with all expected to be operational by the end of 2020. In addition to debt and tax equity, Cubico is putting in US$165 million of equity.
Cypress Creek will stay on as the engineering, procurement and construction provider as well as fulfilling operations & maintenance duties.