31 January 2024
London, 31st January 2024: Cubico Sustainable Investments (“Cubico”) is delighted to announce the completion of two transactions that significantly enhance the company’s footprint and development portfolio in Mexico. Through the acquisition of Renantis Mexico and a strategic agreement with Sowitec Group, Cubico’s development pipeline in Mexico has now exceeded 1.6 GW, reflecting its strong commitment to expanding its renewable energy platform in the country.
The acquisitions comprise at least 12 solar and hybrid projects across 7 states and in various stages of development, solidifying Cubico’s presence and impact nationwide. Combined, these two transactions add over 1.6 GW of capacity to Cubico’s development portfolio in Mexico, pushing the total size of the business’ Mexican portfolio to 2.2 GW, with Cubico’s three operational projects, Mezquite and Solem 1 and 2.
Several of the new projects in Cubico’s portfolio are in regions such as the Yucatan peninsula, that are experiencing high levels of fossil fuel electricity generation, significant energy demand growth driven by nearshoring, and supply reliability challenges, offering unique opportunities for clean energy development. These transactions underscore Cubico’s long term commitment to advancing the renewable energy transition in Mexico, working closely with the public and private sectors and investing in sustainable energy projects that will bring economic, environmental, and social development benefits to the communities they are located in.
Osvaldo Rance, Country Head for Mexico at Cubico Sustainable Investments, commented: “We are delighted to announce the completion of these two transactions which reinforce our commitment to delivering projects that will contribute to both reducing greenhouse gas emissions and driving Mexico’s future economic growth. We are confident that these projects will play a vital role in meeting the growing demand for clean energy in the region. Looking ahead, we will be seeking both public and private off takers.
Javier Areitio, Head of Origination & Development at Cubico Sustainable Investments, added: “These transactions align with our global strategy of leveraging the local knowledge and in-house expertise that we have built to expand our portfolios within existing markets. Having now grown our total development portfolio to circa 5 GW of greenfield projects in US, UK, Spain, Italy, Australia and Mexico, this latest milestone reinforces Cubico’s position as a leading player and key facilitator of the global clean energy transition.”
