1 GW Solar PV Power Project Changes Hands In Brazil

Cubico Sustainable Investments Forays Into Brazilian Solar Market With 1 GW Under Development Solar Plant Of ZEG Energias Renováveis

1 GW Solar PV Power Project Changes Hands In Brazil

Cubico is already present in 12 renewable energy markets globally. It has now entered Brazil with the acquisition of 1 GW solar plant. (Photo Credit: Cubico Sustainable Investments)

  • Cubico has purchased 1 GW solar PV capacity in Brazil, making its way into the country’s solar market
  • The seller ZEG will co-develop the Project Sobral with Cubico and arrange for offtake agreements
  • The 1 GW facility is planned to come up in the State of Ceará in Sobral and Santana do Acaraú municipalities

Backed by Canadian pension fund manager Ontario Teachers’ Pension Plan, UK based Cubico Sustainable Investments has announced acquisition of 1 GW solar PV complex in Brazil from local energy company ZEG Energias Renováveis (ZEG), marking its entry into the country’s solar market.

Project Sobral, as the 1 GW PV facility is named, is currently under development in the municipalities of Sobral and Santana do Acaraú in the state of Ceará. Calling it one of the largest solar development projects in Brazil to date, Cubico said it is expected to generate over 2,000 GWh annually when it is online.

Cubico said it will co-develop the project with ZEG including negotiations of supply contracts and offtake agreements with 3rd parties.

“This important acquisition consolidates our presence in Latin America and marks the start of our new renewables platform in Brazil after recent strategic divestments in the country,” said Cubico’s Country Head of Brazil and Rest of Latam, Francisco Moya. “It’s also our first investment in solar assets in Brazil and we will be actively looking to grow the portfolio through the acquisition and development of other PV and onshore wind projects.”

Cubico’s Head of Origination and Development, Javier Areitio stated that this transaction is focused on the accelerated growth and greenfield development, part of the company’s ambitious new strategy.

Currently, Cubico has an installed gross renewable energy capacity of over 2.7 GW in 12 nations, with 3.5 GW in construction and under development.

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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