Cubico Sustainable Investments has announced that it has achieved financial closing for the 22.6 MW Avalades and Ferreiras PV plants in southern Portugal. The plants were recently acquired from a company backed by Glennmont Partners, both with Feed-in Tariff awarded in 2011.
The total amount of non-recourse project finance debt raised was EUR 65 million (US$74 million) and an additional tranche of EUR 20 million (US$23 million) has been committed for a 6.8 MW project, also located in southern Portugal, which Cubico will acquire subject to the fulfilment of a condition.
DekaBank Deutsche Girozentrale acted as sole Mandated Lead Arranger and Lender and will also act as Agent of the financing.
Country updates
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January 16, 2019
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