Cubico Sustainable Investments is entering the US renewables market with the acquisition of five solar projects totalling 580MW from Cypress Creek Renewables for an undisclosed price.
The investor will provide $165m in equity for the projects, which are located in South and North Carolina and Texas.
All five solar farms are expected to be online by the fourth quarter of 2020.
Financial close has been reached on one project at Palmetto, near Orangeburg in South Carolina and construction is underway.
US Bank provided the tax equity and HSBC & National Australia Bank provided the construction financing and back leverage.
The remaining four projects are expected to reach financial close in the first half of 2019, immediately prior to the start of construction, Cubico said.
Cypress Creek Renewables will continue to provide development, engineering, procurement and construction and operations and maintenance for the facilities.
Cubico Americas head Ricardo Diaz said: “We are very proud of having reached this ground-breaking milestone to enter the US market that further consolidates Cubico in the Americas, after having created one of the leading renewable energy platforms in Latin America.
“We now plan to continue consolidating our presence in the market supporting developers to achieve their clean energy ambitions in the country.”
Cubico USA head Oliver Alexander said: “We are delighted to have closed this large-scale portfolio acquisition with a leading developer like CCR, it gives Cubico a diversified US solar market presence across multiple states and a range of offtake structures.
“We look forward to working closely with CCR on taking the projects through financing and construction and into operations.”