February 12 (Renewables Now) - Cubico Sustainable Investments has purchased a 102-MW solar project in South Carolina and secured the needed financing for its construction.
The London-based renewables investor said on Wednesday it has become the owner of the so-called Midlands photovoltaic (PV) but did not disclose the name of the seller and financial details on the deal. Following the acquisition, Cubico’s utility-scale solar portfolio in South Carolina has expanded to over 300 MW, making the company the largest solar PV owner in the state, the statement says.
The 102-MW power plant will be installed in Calhoun County, in proximity to Cubico’s other projects in the state. It will operate under a 20-year power purchase agreement (PPA) with utility Dominion Energy (NYSE:D). Construction financing and back leverage for the project was provided by KeyBank.
“We already own nearly 600 MW in the US and look forward to our continued growth in the market with excitement about the future prospects we have in other states,” said Ricardo Diaz, head of Americas at Cubico.