Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has completed the acquisition of Bisaccia Wind S.r.l. and Torretta Wind S.r.l., two operational onshore wind farms, from Blunova S.r.l.

The wind farms, which have a combined capacity of 16 MW, are located in Campania and Apulia.

Immediately following the acquisition, Cubico completed the refinancing of the projects using the accordion facility of an existing green loan financing with Crédit Agricole Corporate & Investment Bank, Siemens Financial Services through Siemens Bank and Société Générale.

Cubico and the lenders were supported by Bird & Bird (legal), RINA and DNV-GL (technical), Marsh and Funk (insurance), KPMG (financial, tax and model audit) and Chatham Financial (hedging adviser).

David Swindin, Head of EMEA at Cubico, said: “This was a good opportunity to increase the size of our portfolio in one of the core countries of Cubico.

“The support of our existing lenders was greatly appreciated and allowed for a relatively easy transaction.”

Alessandro Asperti, Country Head for Italy and Greece at Cubico, added: “We are delighted to continue our growth in the Italian market through this new acquisition, which takes our portfolio in the country to 250 MW.

“This transaction has allowed us to further benefit from the green loan financing agreement put in place for three of our other Italian wind projects just over a year ago, confirming the strong support from our relationship banks.”