Calling itself one of the world's largest privately-owned renewable energy companies, Cubico Sustainable Investments says it has successfully achieved an extension of its existing $700 million corporate facility.
The credit facility comprises a $300 million revolving facility and a $400 million letter of credit facility, each with accordions of $200 million, taking the total credit envelope to $1.1 billion, says Cubico.
The company invests in wind, solar PV, transmission lines and solar thermal technologies. It counts to have installed 3 GW combined capacity and has 652 MW under construction, with another 4.8 GW in its development pipeline.
Cubico's CFO Matt Donaldson said, "This transaction provides us with increased financial flexibility to fulfil our sustainable growth ambitions."
Lenders to the facility include BNP Paribas, CIBC, Crédit Agricole CIB, Export Development Canada, HSBC, ING, National Australia Bank, Scotiabank, and Société Générale.
The lenders have also agreed to extend the maturity by 1 year to March 2026, and also offering 2 1-year extension options. Cubico says this provides it with a clear pathway for liquidity, enabling it to expand its global development portfolio.