October 17 (Renewables Now) - Cubico Sustainable Investments has achieved financial close on a 162-MW solar photovoltaic (PV) project in Texas, targeting completion in the third quarter of 2020.
The Wagyu power plant is currently being installed in Brazoria County, with UK-based Renewable Energy Systems (RES) taking care of the engineering, procurement and construction (EPC). Cypress Creek Renewables will operate and maintain the plant, once commissioned.
The solar farm’s output will be sold under a 15-year power purchase agreement (PPA) with coffee chain Starbucks (NASDAQ:SBUX) and a 12-year physical hedge with BP Plc (LON:BP).
Wagyu is the fourth asset within a five-project portfolio totalling 580 MW that Cubico acquired from Cypress Creek in January 2019. The renewables investor reached financial close on the third project from that portfolio -- a 100-MW solar plant in South Carolina -- in July. Financing for the fourth project was extended by HSBC, Nord LB and Rabobank, with US Bank providing tax equity.