Cypress Creek has agreed to sell a 580 MW portfolio of solar projects located in South Carolina, North Carolina and Texas to Cubico Sustainable Investments, several months after hiring an adviser to launch the sale process.
The five-project acquisition marks London-headquartered Cubico’s first U.S. investment.
The seller retained Barclays to market the portfolio, PFR reported in January (PFR, 1/15).
“We are very proud of having reached this ground-breaking milestone to enter the U.S. market that further consolidates Cubico in the Americas, after having created one of the leading renewable energy platforms in Latin America,” said Ricardo Diaz, head of Americas at Cubico, in a statement.
First financial close
Financial close has already been reached on the first project in the portfolio, called Palmetto and located near Orangeburg, S.C.
The financing closed at the end of December, with U.S. Bank providing tax equity, and HSBC and National Australia Bank providing construction financing and back leverage. Further details were not disclosed.
The remaining four projects are expected to reach financial close within the first half of this year.
In addition to the tax equity and debt, Cubico will make an up to $165 million equity investment to finance the construction of the five projects, all of which are expected to be online by the fourth quarter of 2020.
Cubico's global installed capacity totals 2.5 GW. The company is backed by the Ontario Teachers’ Pension Plan and PSP Investments.
Spokespeople for Cubico based in London and Cypress Creek in Los Angeles did not immediately respond to inquiries.