Cubico Sustainable Investments (Cubico), a global investor in renewable energy backed by two of Canada’s largest pension funds, recently reached financial close for a 105 MWdc solar PV project in Pender County, North Carolina.

This is the second project in the 580 MW solar PV portfolio Cubico acquired from Cypress Creek Renewables (Cypress Creek) in January to reach financial close. Construction is currently underway and the project is expected to become fully operational this year.

Project finance debt was provided by Nord/LB and Santander.

Ricardo Díaz, Head of Americas at Cubico, said: “We are delighted to have reached this important milestone for our second project in the US. Having developed strong portfolios in Latin America and Europe, this is an important step in establishing Cubico’s presence in the US market.”

Oliver Alexander, Head of USA at Cubico, added: “We are very happy to complete the financing of the next project in our portfolio acquisition with Cypress Creek. We can now look forward to taking the project into commercial operations and expanding our presence in the country further.”

“Cubico shares our vision for growing solar throughout the US and we’re proud to partner with them on this important 105 MWdc project,” said Sarah Slusser, CEO of Cypress Creek Renewables. “Cypress Creek completed development earlier this year and is now constructing the project.”