Cubico Sustainable Investments acquires 121 MW of wind and solar in Uruguay
LONDON, Sept. 25, 2023 /PRNewswire/ -- Cubico Sustainable Investments (Cubico), one of the world's largest privately-owned renewable energy companies, has completed the acquisition of three operational projects in Uruguay from Brookfield.
The transaction comprises two wind farms, 52 MW Carape I and 43 MW Carape II in Maldonado; and one solar PV plant, 26 MW Alto Cielo in Artigas.
This significant acquisition pushes Cubico's renewables capacity in Uruguay to over 320 MW, further consolidating the company's position as the largest individual private owner of renewable assets in the country.
Javier Areitio, Head of Origination and Development at Cubico, said: "This deal aligns with one of the pillars of our global growth strategy: increasing and diversifying our installed capacity in each of our existing markets, rather than expanding our geographical footprint. As we build our clean energy portfolio, we are prioritising the pursuit of synergies and a 24/7 generation profile in each country where we operate."
Javier Pére del Castillo, Country Manager for Uruguay at Cubico, added: "This is another important milestone for Cubico, significantly strengthening our position as the largest private owner of renewables in Uruguay and one of the largest in the world. Through this acquisition, we are very pleased to have diversified our Uruguayan asset base and expanded our local team, enhancing our technical and financial capabilities."
Founded in May 2015, Cubico Sustainable Investments is one of the world's largest privately-owned renewable energy companies. The company is backed by the resources of Ontario Teachers' Pension Plan, Canada's largest single-profession pension plan, and PSP Investments, one of Canada's largest pension investment managers. Cubico's global portfolio in 11 countries has an installed gross capacity of more than 2.8 GW, with nearly 700 MW in construction and a 4.8 GW development pipeline. Cubico is headquartered in London and has offices in São Paulo (Brazil), Athens (Greece), Milan (Italy), Austin and New York (US), Mexico City (Mexico), Madrid (Spain), Sydney, Melbourne and Brisbane (Australia), Montevideo (Uruguay) and Bogotá (Colombia).