Cubico Sustainable Investments has acquired and achieved financial close for the 102MW Midlands photovoltaic project in Calhoun County, South Carolina.
Midlands benefits from a 20-year power purchase agreement with Dominion Energy.
The project is the third that Cubico has acquired in South Carolina over the last year, making it the largest owner of utility-scale solar projects in the state with more than 300MW.
Construction financing and back leverage was provided by KeyBank. Cubico was advised by Sidely Austin on legal matters, DNV GL on technical issues and WSP acted as owner’s engineer.
Cubico Americas head Ricardo Diaz said: “This year we have strengthened our investment and operations teams in the US, which has allowed us to become the largest solar PV owner in South Carolina, an exciting milestone for Cubico’s USA business.
“We already own nearly 600MW in the US and look forward to our continued growth in the market with excitement about the future prospects we have in other states.”
Cubico US head Oliver Alexander added: “I’m delighted that we have acquired the Midlands project; 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.”