Cubico Sustainable Investments (Cubico), one of the world’s largest privately-owned renewable energy companies, has acquired a 46% stake in Parque Eolico La Peñuca S.L., the owner of an operational onshore wind farm.

Cubico acquired its stake in the 33 MW wind farm, located in Castilla y Leon, Spain, from Axpo International S.A.

It was supported by Bird & Bird (legal), DNV-GL (technical) and EY (financial, tax and model audit).

David Swindin, CEO at Cubico, said: “I’m delighted that we were able to complete this transaction with Axpo.

“We have ambitious growth plans globally and this will give us an opportunity to look at our first repowering project in Iberia using the development skills that we are investing heavily in throughout the company. I anticipate that this will be the first of many such transactions.”

José Canales, Country Head for Iberia at Cubico, added: “La Peñuca is an extraordinary wind site that complements our strategy of targeting the best resource locations. The project will allow us to balance our predominantly solar portfolio in Iberia by adding additional wind generation, which should lead to better final market capture prices.

“It has been developed and is operated by Energías Renovables del Bierzo S.L. (ERBI), which will remain our partner in the project. We look forward to continuing our partnership with ERBI through other projects.”