30 April 2024
London, 30 April 2024: Cubico Sustainable Investments (Cubico), one of the world’s largest privately-owned renewable energy companies, is pleased to announce the successful extension of its existing USD 700 million corporate facility.
The facility comprises a USD 300 million revolving facility and a USD 400 million letter of credit facility, each with accordions of USD 200 million, bringing the total credit envelope to USD 1.1 billion. The extension of maturity by one year to March 2026, along with two one-year extension options, provides a clear pathway for liquidity, enabling the delivery of Cubico’s long-term strategic plans and the expansion of its global development portfolio.”
Participating lenders in the initiative remain unchanged, reflecting the strength of Cubico’s partnerships with a group of leading global financial institutions. The lenders include BNP Paribas, CIBC, Crédit Agricole CIB, Export Development Canada, HSBC, ING, National Australia Bank, Scotiabank, and Société Générale. National Australia Bank continues to serve as the facility agent and security agent. Clifford Chance acted as legal advisor for Cubico, with Allen & Overy acting for the lenders.
Matt Donaldson, Chief Financial Officer at Cubico, commented: “This transaction provides us with increased financial flexibility to fulfil our sustainable growth ambitions. We are delighted with the strength of support received from our key relationship banks for this extension, reinforcing their confidence in our strategy, our ESG credentials, and our proven track record in creating value through renewable energy investments”.
