Cubico Sustainable Investments (Cubico), a global leader in renewable energy, has announced that it has achieved financial closing for the 22.6 MW Avalades and Ferreiras PV plants in southern Portugal. The plants were recently acquired from a company backed by Glennmont Partners, both with Feed-in Tariff awarded in 2011.

The total amount of non-recourse project finance debt raised was EUR 65 million and an additional tranche of EUR 20 million has been committed for a 6.8 MW project, also located in southern Portugal, which Cubico will acquire subject to the fulfilment of a condition.

David Swindin, Head of EMEA at Cubico, said that “We are very pleased to have closed this non-recourse financing in Portugal as part of the expansion of our portfolio in the Iberian Peninsula. We look forward to further acquisitions in the coming period”

DekaBank Deutsche Girozentrale acted as sole Mandated Lead Arranger and Lender and will also act as Agent of the financing.