PE-backed Cubico Sustainable buys two solar PV projects

Cubico Sustainable Investments, a portfolio company of Ontario Teachers’ Pension Plan and PSP Investments, has acquired Delta’s Edge and Crossett, two U.S.-based solar photovoltaic projects totaling 270 megawatts, from Renewable Energy System.

Cubico Sustainable Investments, a portfolio company of Ontario Teachers’ Pension Plan and PSP Investments, has acquired Delta’s Edge and Crossett, two U.S.-based solar photovoltaic projects totaling 270 megawatts, from Renewable Energy System. No financial terms were disclosed. Based London, Cubico is a renewable energy infrastructure company.

PRESS RELEASE

Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has completed the acquisition of Delta’s Edge and Crossett, two solar PV projects totalling 270 MW from Renewable Energy Systems (RES).

Both projects have long-term busbar power purchase offtake agreements with regional cooperative utilities which are responsible for the electricity needs of more than a million homes and businesses. Delta’s Edge and Crossett will both be constructed by RES.

Ricardo Díaz, Head of Americas at Cubico, said: “After successfully bringing almost 600 MW of solar to operations in the US, this investment supports the continued expansion of our presence in the country.

“We plan on growing our portfolio with well contracted assets and building one of the country’s premier renewable investment companies, bringing clean power to people and organisations through our diverse global generation platform.”

The projects, located in Mississippi and Arkansas, represent Cubico’s first acquisition in the Midcontinent Independent System Operator (MISO).

Lance Jordan, Senior Vice President of Origination and Execution at Cubico, added: “We are happy to support these local communities through economic development, by investing in greenfield clean energy projects.

“The acquisition of Delta’s Edge and Crossett is complementary to our existing solar investments across the southeast US and Texas.”

The projects are expected to reach financial close in the first quarter of 2021, with commercial operations starting in 2022.