Cubico Sustainable Investments has completed the refinancing of a 75MW operational wind and solar portfolio in Uruguay, comprising the 50MW Vientos de Pastorale wind farm and the 25MW Alto Cielo (pictured) solar photovoltaic project.
The transaction combines the refinancing of existing debt at Pastorale with the introduction of project finance at Alto Cielo, which was previously unlevered, into a single project finance structure, according to the company.
The facility totals approximately USD 90 million and has been provided by a consortium of lenders including BBVA and Itaú, with Itaú also providing bank guarantee facilities and BBVA acting as agent, reserve facility bank and account bank.
Vientos de Pastorale, located in the department of Flores, has been operational since 2017, while the Alto Cielo solar project in the department of Artigas has been operational since 2015.
The refinancing supports Cubico’s long-term strategy by optimising the capital structure of its operational assets, enhancing financial flexibility and reinforcing portfolio resilience, the company stated.
Cubico currently owns and manages more than 400MW of operational wind and solar capacity in Uruguay, making it the country’s largest individual private owner of renewable energy assets.
David Swindin, chief executive officer of Cubico, said: “This refinancing demonstrates the strength of our operational portfolio and our disciplined approach to long-term ownership and capital management. Uruguay has set a global benchmark for power-sector decarbonisation, and we are proud to be a long-term investor in a market that continues to combine strong fundamentals with a clear commitment to clean energy.”
Javier Perez del Castillo, Cubico’s country head for Uruguay, added: “This transaction reflects the maturity and quality of our Uruguayan portfolio and our continued focus on active portfolio management. Uruguay remains a highly attractive market for sustained, long-term investment.”