Cubico snaps up 105.6-MW Italian PV portfolio

London-based renewable energy investor Cubico Sustainable Investments today announced the acquisition of 105.6 MW of solar power plants in Italy from a joint venture between Riverstone and SunEdison.

The solar portfolio, one of the largest in Italy, is comprised of 18 photovoltaic (PV) plants that range from 1 MW to 43 MW in size and that started operations in the 2010-2013 period. The facilities are located in the regions of Apulia, Lazio and Sicily.

The vendor is Silver Ridge Power Italia, which is the Italian subsidiary of Silver Ridge Power Corp, a joint venture originally set up by Riverstone Holdings LLC and AES Corp.

Cubico said the deal brings the number of assets in its Italian portfolio to 21, representing a combined capacity of 205 MW spread across wind and solar. David Swindin, head of EMEA (Europe, the Middle East and Africa) at Cubico, said the firm looks forward to further expanding its portfolio in the country in the future.

Most of the newly acquired solar systems are already financed through project financing structures provided by four pools of banks, according to the announcement.

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