- 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.