22 July 2021
Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has announced the operational status of its first wind project in the United States (US).
The 46.5 MW Wind Wall 1 project, which is supported by a power purchase agreement with Amazon, is located in the Tehachapi region of California. It was developed and constructed by Eolus.
Following the acquisition, Cubico’s operational portfolio in the US – made up of mainly solar photovoltaic projects – stands at more than 600 MW, with an additional 374 MW in development.
Ricardo Díaz, Head of Americas at Cubico, said: “We are very pleased to add another operational project to our US business which, in terms of installed capacity, is one of the biggest in Cubico’s global portfolio.
“This first wind project is especially significant as it moves us towards our goal of building a more diverse portfolio as we continue to look for new opportunities in the country.”
Greg Schmidt, Head of US Origination & Execution at Cubico, added: “Wind Wall 1 is an excellent project for us to add to our portfolio as it benefits from a favourable long-term offtake, as well as being located in one of the most high-quality regions in the world for wind energy production.
“We look forward to continuing Cubico’s strong growth trajectory here in the US.”
The acquisition of the Wind Wall 1 was financed by HSBC as sole tax equity provider.
“We are proud to provide tax equity financing to Cubico for Wind Wall 1 for their first wind project in the USA.
“Continuing to support sponsors like Cubico with their strong track record, global scale and future growth potential is a core part of our own net zero strategy and demonstrably accelerates the nation’s transition to a low carbon economy,” said James Edmonds, a Director of HSBC Bank USA.