Cubico reaches financial close on 162 MW Wagyu solar PV project in Brazoria County
Cubico Sustainable Investments has achieved financial close for the 162 MW Wagyu solar PV project in Brazoria County, Texas, USA.
Cubico acquired the solar farm from Cypress Creek Renewables (Cypress Creek) in January 2019.
Construction of the Wagyu project is underway under an EPC contract with RES (Renewable Energy Systems) and the project is expected to become fully operational in the third quarter of 2020. Cypress Creek is the O&M provider.
The project has a unique combination of a 15-year corporate PPA from Starbucks and a 12-year physical hedge from BP.
Project finance debt was provided by HSBC, Nord LB and Rabobank and tax equity was provided by US Bank.
Cubico was advised by Winston & Strawn (legal), CCA (financial), Enertis (technical) and WSP (owner’s engineer).
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