February 5 (Renewables Now) - London-based renewables investor Cubico Sustainable Investments said today it has reached financial close for the 22.6-MW Avalades and Ferreiras solar photovoltaic (PV) plants in southern Portugal.
Cubico has raised EUR 65 million (USD 74.2m) in non-recourse project finance debt for these assets. Moreover, it has secured an additional EUR 20 million for a 6.8-MW project in southern Portugal that will be acquired upon fulfilment of an undisclosed condition.
“We look forward to further acquisitions in the coming period,” commented David Swindin, Head of EMEA at Cubico.
The investor bought the Avalades and Ferreiras assets recently from a company backed by Glennmont Partners. Both plants benefit from feed-in tariffs awarded in 2011.
(EUR 1.0 = USD 1.142)