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Cubico acquires 102-megawatt Midlands solar project

Staff Report //February 11, 2020//

Cubico acquires 102-megawatt Midlands solar project

Staff Report //February 11, 2020//

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Cubico Sustainable Investments has acquired its third solar project in South Carolina.

The global renewable energy infrastructure company has acquired the 102-megawatt Midlands solar photovoltaic project in Calhoun County. The project has a 20-year power purchase agreement with Dominion Energy.

The acquisition brings London-based Cubico’s total capacity solar ownership in South Carolina to more than 300 MW and its U.S. capacity to almost 600 MW. The company announced closing on all permitting, construction and financial agreements, and said construction has begun.  

“This year we have strengthened our investment and operations teams in the U.S., which has allowed us to become the largest solar PV owner in South Carolina, an exciting milestone for Cubico’s USA business,” Ricardo Diaz, head of Americas at Cubico, said in a news release.

Construction financing for the project was provided by Ohio-based KeyBank, according to the release.

“I’m delighted that we have acquired the Midlands project,” said Oliver Alexander, head of USA at Cubico. “Because it is situated near to our other projects in the state, it will help us drive operational efficiencies in our local portfolio over time.”

Cubico started commercial operations at the 106-MW Palmetto Plains solar project in Orangeburg County last August. That project is near Cubico’s 100-MW Huntley solar investment.

Cypress Creek Renewables is the developer of both Orangeburg County projects.