Cubico Sustainable Investments (Cubico), a global leader in renewable energy investment, has announced that it has entered into agreements to acquire three operational, fixed-tilt, ground-mounted solar PV projects in the Algarve, Portugal, totalling 29.4 MW, from CEF Energia Ibérica B.V., a solar power plant company backed by Glennmont Partners (the Sellers).

The three solar PV projects to be acquired are Avalades – 15.8 MW, Ferreiras – 6.8 MW and Sol Cativante V – 6.8 MW.

David Swindin, Head of EMEA at Cubico, said: “This is a unique acquisition for Cubico and adds to our growing portfolio of renewable energy assets with very strong contracted revenue profiles. These particular projects will help us to achieve scale in Portugal, leaving Cubico better placed for future opportunities in the market while increasing the capacity of our Iberian portfolio.”

Cubico’s team in Madrid will be responsible for managing the plants going forward and Voltalia will continue to provide full-scope O&M services.

David Smith, Head of Iberia at Cubico, said: “The portfolio provides an excellent strategic fit for Cubico, adding to our solar PV presence in Portugal, and we are very pleased to have worked with Glennmont Partners on the acquisition. We are encouraged by the positive dynamics in Portugal and Spain and continue to look for further operational and greenfield renewable opportunities in both countries.”

Following the acquisition, Cubico’s Iberian portfolio will comprise 8 assets, with a total capacity of 209 MW, across solar PV, solar thermal and wind technologies.

Scott Lawrence, a Founding Partner of Glennmont Partners, said: “We are pleased with the closing of this deal with Cubico. Glennmont has been an active investor in Portugal for a number of years and we believe our strategy for the Portuguese market has allowed us to continue to find and deliver value across a diversified portfolio of power generation assets. These solar assets have performed well for us since we built them and believe they will continue to do so. Glennmont was formed in 2007 with a specialist focus on clean energy infrastructure investments and our team continues to identify, secure and add value to some of the best clean energy generation assets in Europe.”