National Australia Bank refinances debt of Cubico’s portfolio

National Australia Bank (NAB), one of the four largest financial institutions in Australia, has refinanced Cubico’s £125 million UK renewables portfolio. 

Cubico Sustainable Investments is a renewable energy and water investment firm owned by Santander, Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board (PSP Investments).

International law firm Watson Farley & Williams (WFW) has advised Cubico on the refinancing.

The financing is structured to allow the inclusion of future solar and onshore wind farms to the portfolio. The portfolio currently has a total capacity of 91.7 MW, and consists of two operational solar farms, Hadlow located in Tonbridge and Broxted located in Surrey, and two operational onshore wind farms, Middlewick located in Essex and Wandylaw in Northumberland.

WFW lead partner, Daisy East, commented:

“We are delighted to have advised Cubico on such an exciting transaction. The structuring of the financing, which will allow for the incorporation of future renewable energy projects, further strengthens the UK’s position in the renewable energy market. It also demonstrates the skills and expertise of Watson Farley & Williams to advise on all aspects of renewable energy projects and portfolios.”