19 July 2022
Cubico Sustainable Investments (Cubico), one of the world’s largest privately-owned renewable energy companies, has completed the acquisition of two operational wind projects in Uruguay from ACS.
The transaction comprises two Uruguayan wind farms: 49 MW Kiyu in San José and 53 MW Pastorale in Flores, with Sowitec’s minority shareholding being acquired for the latter too.
The milestone acquisition more than doubles Cubico’s operational wind capacity in Uruguay to over 200 MW, making it the largest individual private owner of renewable assets in the country.
The company is actively looking to further grow its portfolio in Uruguay through solar PV and other onshore wind opportunities, as well as incipient hydrogen developments.
Cubico was advised by White & Case Madrid, Posadas, Posadas & Vecino Montevideo and Estudio Rodrigo Lima (Legal), DNV (Technical), Willis (Insurance) and KPMG (Tax & Accountant).
David Swindin, Chief Executive Officer of Cubico, said: “Cubico has had a presence in Uruguay since the company’s formation and I’m delighted that, with this acquisition, we have become the largest private owner of renewables in the country. I hope that we will see further growth in our Latin American business over the coming period.”
Francisco Moya, Country Head for Brazil and Rest of Latam at Cubico, added: “The acquisition of these projects is an important milestone for Cubico in Latin America, positioning us as one of the largest owners of renewables in the region.
“This transaction is further evidence of our commitment to advancing the growth of green energy and bringing clean power to people and organisations around the world.”