Cubico Sustainable acquires 580 MW solar portfolio from Cypress Creek in the USA
Post date: 31/01/2019 - 19:31
UK renewable energy and water investment company Cubico Sustainable Investments has acquired five solar projects totaling 580 MW located in South Carolina, North Carolina and Texas from Cypress Creek Renewables, a developer and owner of solar generating assets. According to the company, the first project in the portfolio to start construction is Palmetto, located near Orangeburg, South Carolina, which reached financial close at the end of December 2018. The U.S. Bank provided the tax equity and HSBC & National Australia Bank provided the construction financing and back leverage. The remaining four projects will all reach financial close throughout the first half of 2019 immediately prior to the start of construction. Cubico will invest up to $165 million of equity to construct all the projects in the portfolio with them all becoming operational by Q4 2020.
According to Mercom's recently published »2018 Q4 and Annual Solar Funding and M&A Report«, John Laing - an investor and a manager of infrastructure projects - acquired two utility scale solar projects located in North Carolina from Cypress Creek Renewables for a combined investment of $35.4