December 2 (Renewables Now) - Cubico Sustainable Investments has acquired the 20-MW Luzentia solar farm in Murcia, southeastern Spain, Spanish business news outlet Expansion reported Sunday.
The London-based renewables investor is said to have paid around EUR 140 million (USD 154.2m) for the asset, according to sources familiar with the transaction.
Luzentia has been in operation since 2008, pulling in annual revenues of EUR 12 million. Before the sale to Cubico, the solar farm was owned by one family, which ended up being its only shareholder, Expansion writes.
The Spanish government’s decision to cut premiums on renewables affected original financing plans for the solar park, forcing a debt restructuring deal in 2015. All of the debt attached to the Luzentia project was finally purchased by Banco de Sabadell SA (BME:SAB), which will recover its funds through the sale to Cubico, according to Expansion.
Luzentia is the fourth asset Cubico has acquired in Spain. The investor also owns two concentrated solar power (CSP) plants Andasol I and II totalling 100 MW and the Villanueva 66.7-MW wind farm.
(EUR 1.0 = USD 1.102)