15 July 2020
Cubico Sustainable Investments was announced as winner in the North American renewables portfolio category of the prestigious IJGlobal Awards on 13 July.
The award was given for excellence in the acquisition, tax equity and debt financing of the Palmetto Plains, Huntley and Wagyu solar PV projects in the United States last year.
The projects, which were acquired from Cypress Creek Renewables along with two others in January 2019 as part of a 580 megawatt (MW) portfolio, marked Cubico’s entry into the US market.
Tax equity for the assets was provided by U.S. Bank, while project finance debt was provided by HSBC, NORD/LB and Rabobank.
Since the acquisitions were completed, 106 MW Palmetto Plains and 100 MW Huntley, located in South Carolina, have reached operations and 162 MW Wagyu in Texas is expected to follow later this year.
The Palmetto Plains solar PV project in Orangeburg County, South Carolina.
Ricardo Díaz, Head of Americas at Cubico, said: “We are proud and grateful to receive this recognition from IJGlobal that attests to the best in class team and assets we have put together in the US over the last three years.
“It has been an incredible journey to bring us to this stage as a leading investor in the renewable energy market, and we now plan on moving ahead with our growth strategy, leveraging on the team capabilities developed so far.”
The IJGlobal Awards are held annually to celebrate the best-in-class transactions and organisations across the international infrastructure and energy sectors.
Due to the global coronavirus pandemic, this year’s awards were announced online.
“To be honoured for our first projects in the US with such a significant award by an industry leader like IJGlobal is very exciting,” commented Cubico’s Chief Executive Officer Steve Riley.
“It reflects the hard work of our incredible team and partners, while reinforcing our strategic approach of combining a strong local presence in our countries of operation with a unique blend of in-house business development, operations, financial, commercial and technical expertise.”
In addition to Palmetto Plains, Huntley and Wagyu, Cubico owns more than 200 MW of solar PV across North and South Carolina.