Cubico buys 65 MW of PV parks in UK from British Solar Renewables
Solar panels. Featured Image: Jackiso/Shutterstock.com
Cubico Sustainable Investments on Wednesday announced the acquisition of 10 solar power plants, totalling 65 MW, in the UK from British Solar Renewables (BSR).
The London-headquartered company, which is owned by Santander, Ontario Teachers' Pension Plan and Public Sector Pension Investment Board (PSP Investments), has also closed the financing of eight of the solar plants with National Australia Bank. The other two are expected to be added to the portfolio financing facility shortly, taking the total debt on the 10 plants to GBP 60 million (USD 79.8m/EUR 71.9m).
The solar parks, mainly located in southwestern England, were designed, built and connected by BSR. The solar developer will continue to provide operations and maintenance services following the deal.
David Peill, BSR commercial director, said the sale of the completed projects allowed the company to recycle capital and focus on developing out its 1.2 Renewables Obligation Certificate (ROC) pipeline of projects.
Cubico said the acquisition meant it now had 29 assets representing 1.9 GW of capacity across wind, solar and water infrastructure in eight countries. The deal also makes the UK the company’s second largest market.