Cubico Sustainable Investments reaches financial close on 162 MW PV project in Texas
Post date: 23/10/2019 - 11:33
Cubico Sustainable Investments, global investor in renewable energy, backed by two of Canada’s largest pension funds, has achieved financial close for the 162 MW »Wagyu« solar PV project in Brazoria County, Texas, USA. This is the fourth project to reach financial close in the 580 MW five project solar PV portfolio Cubico acquired from Cypress Creek Renewables in January 2019. The three projects that closed prior to Wagyu are »Palmetto Plains« and »Huntley« in South Carolina and »Crooked Run« in North Carolina.
Construction of the »Wagyu« project is underway under an EPC contract with RES (Renewable Energy Systems) and the project is expected to become fully operational in the third quarter of 2020. Cypress Creek is the O&M provider. The project has a unique combination of a 15- year corporate PPA from Starbucks and a 12-year physical hedge from BP. Project finance debt was provided by HSBC, Nord LB and Rabobank and tax equity was provided by US Bank, the same financing parties that participated in the »Palmetto Plains« and »Huntley« projects.