Cubico invests in 23.4 MW solar project in Jumilla

Cubico Sustainable Investments, backed by two of Canada’s largest pension funds, has acquired Luzentia Promoción y Mantenimiento Renovable, S.A., the owner of a 23.4 MWp operational solar PV plant, from a group of investors.

The plant is located in Jumilla, Murcia, in southeastern Spain and became operational in 2007, at which time it was one of the largest solar PV assets in the world.

Cubico has acquired the plant on a full equity basis and plans to finance the asset in the first quarter of 2020. An array of solutions from traditional project financing to bond financing are currently being evaluated.