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Cubico Acquires 23.4 MWp Operational PV Plant In Spain

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Cubico Sustainable Investments (Cubico), a global investor in renewable energy, backed by two of Canada's largest pension funds, has acquired Luzentia Promoción y Mantenimiento Renovable, S.A., the owner of a 23.4 MWp operational solar PV plant, from a group of investors.

The plant is located in Jumilla, Murcia, in south-eastern Spain and became operational in 2007, at which time it was one of the largest solar PV assets in the world. Cubico has acquired the plant on a full equity basis and plans to finance the asset in the first quarter of 2020. An array of solutions from traditional project financing to bond financing are currently being evaluated.

As a result of the acquisition, Cubico's portfolio in Iberia now comprises seven assets across Spain and Portugal, with a total capacity of 229 MW, allocated between solar PV, concentrated solar power (CSP) and wind technologies.

David Swindin, Head of EMEA at Cubico, said: “We have a long history in Iberia and this acquisition consolidates Cubico's position as one of the largest owners of renewable energy assets in Spain. We have a great platform in Iberia with a fantastic team and see excellent opportunities for future growth there.”

José Canales, Head of Iberia at Cubico, added: “This acquisition is a great example of Cubico´s competitiveness and it shows our appetite to invest in Iberia, with the aim of consolidating a solid and technologically diverse portfolio in the region. It represents another important step in our mission to transition towards a world powered by clean energy.”

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