The Cabrela solar project, which will be acquired from independent power producer Neoen, takes Cubico’s operational portfolio in Iberia to nearly 600 MW, with a further 250 MW in development.
Cubico was supported by Gómez-Acebo & Pombo (legal), Vector Renewables (technical) and EY (financial, tax and model audit).
José Canales, Country Head for Iberia at Cubico, said, “This transaction consolidates Cubico’s position in the Portuguese market and will allow us to capitalise on synergies with our existing portfolio in the country. It also reaffirms our place as one of the largest owners of regulated PV assets in Iberia.”
Cubico Sustainable Investments is a major investor in the renewable energy sector. The company is backed by the resources of Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan, and PSP Investments, one of Canada’s largest pension investment managers.
Cubico’s global portfolio in 12 countries has an installed gross capacity of more than 3 GW, with 2 GW in construction and under development. Cubico is headquartered in London and has offices in São Paulo and Fortaleza (Brazil), Athens (Greece), Milan (Italy), Stamford (US), Mexico City (Mexico), Madrid (Spain), Bordeaux (France), Sydney and Melbourne (Australia), Montevideo (Uruguay) and Bogotá (Colombia).
