Cubico Sustainable Investments, headquartered in London, announces that financing has been secured for a 162MW solar PV project in Brazoria County, Texas.
The project has a 15-year power purchase agreement (PPA) with international coffeehouse giant Starbucks and this includes a 12-year bodily hedge from BP.
Cubico acquired a PV portfolio from Cypress Creek Renewables at January 2019 covering five projects with a cumulative capacity of 580MW capacity. Wagyu is the fourth largest of these projects to achieve financial closure, after the Palmetto Plains and Huntley projects in South Carolina and Crooked Run in North Carolina.
Renewable Energy Systems (RES) ia already working on the Wagyu project as EPC contractor and project completion is expected in Q3 2020. Cypress Creek will subsequently supply O&M services.
Oliver Alexander, head of USA in Cubico, said:”Wagyu is a great addition to Cubico’s USA business, representing a variety of firsts for the company including its very first corporate PPA and original bodily hedge, whilst also establishing long-term relationships with offtake counterparties Starbucks and BP. We are very happy to be working with RES on new construction projects again and look forward to continuing to work with Cypress Creek on new job investments to 2020 and beyond.”
Project finance debt was provided by HSBC, Nord LB and Rabobank and taxation equity was provided by US Bank.
Cubico is endorsed by two of Canada’s biggest pension funds and has a worldwide portfolio in ten states with an installed gross capacity of roughly 3.1GW. It’s had recent project advancement in Mexico, Colombia and South Carolina.
