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Cubico enters US with 580MW solar pipeline acquisition

London-based global renewables investor pushes into American market through deal with Cypress Creek Renewables

Cubico Sustainable Investments, the London-based renewables operator owned by two Canadian pension funds, has entered the US market, buying a 580MW portfolio of solar projects from developer Cypress Creek Renewables.

The pipeline acquisition, whose financial terms were not disclosed, adds a big new market to Cubico’s plans, expanding its presence beyond Latin America and Europe.

Cubico reveals that it reached financial close last month at the first project in the portfolio, a planned PV array in South Carolina, using tax equity from US Bank. The remaining four projects in the portfolio will reach financial close this year, and all will be finished by the end of 2020.

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“We now plan to continue consolidating our presence in the market supporting developers to achieve their clean energy ambitions in the country,” says Ricardo Diaz, head of Americas at Cubico.

Cubico plans to invest $165m of equity into its US portfolio, which spans the states of North and South Carolina and Texas.

Cubico was launched in 2015 by Spanish bank Santander and two Canadian pension funds – the Public Sector Pension Investment Board and Ontario Teachers’ Pension Plan. The pension funds bought out Santander’s stake in 2016.

Cubico has established a US office in Stamford, Connecticut, led by Oliver Alexander, a veteran of Santander who helped launch Cubico.

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