Cubico buys 50-MW UK solar farm from BSR

London-based renewables and water infrastructure firm Cubico Sustainable Investments Ltd has acquired a 50-MW UK solar farm from UK solar developer British Solar Renewables (BSR).

The Owls Hatch solar park is located in Herne Bay Kent, southern England and has been generating electricity since March 2015, Cubico said on Friday. BSR will continue to operate and maintain the facility.

"The proceeds of the sale allow us to recycle capital into further solar development as well as our growing energy storage pipeline," said David Peill, commercial director at BSR.

Cubico said it has now purchased 11 projects totalling 120 MW from BSR over the last eight months.

The Owls Hatch project was financed with GBP 47.8 million (USD 62.4m/EUR 55.9m) of debt. Nord/LB, which acted as mandated lead arranger, provided a term loan and a credit enhancement facility, while Hastings-managed funds provided GBP 24.5 million in long dated fixed rated notes.

Canadian pension investment managers PSP Investments and Ontario Teachers’ Pension Plan announced in July they would acquire Banco Santander’s (BME:SAN) indirect interest in Cubico.

(GBP 1.0 = USD 1.304/EUR 1.169)

Choose your newsletter by Renewables Now. Join for free!