Cubico adds 392MW Brazilian wind

UK investment company Cubico has announced a R$2bn investment in two wind farms in Brazil adding 392MW to its portfolio.

The deal, worth around £340m, and completed towards the end of 2015, will see Cubico purchase two wind farms from Casa dos Ventos in what is considered to be the largest transaction involving wind farms in operation in Brazil in 2015.

To support the move Cubico will open an office in São Paulo to help evaluate investment opportunities in Brazil and other Latin America markets such as Peru, Colombia, Uruguay, Panama and Costa Rica.

This is the first investment by Cubico in Brazil and sees the company acquire the 182MW Caetés plant in Pernambuco state and the 210MW Ventos do Araripe I plant in Piauí state.

Cubico manages global renewable energy and water assets for three investors; Santander, the Ontario Teachers’ Pension Plan and Canada’s Public Sector Pension Investment Board (PSP Investments).

The 392MW investment added to the 223MW which was transferred from Santander’s former global portfolio of renewable energy assets means the company now has 615MW of wind assets in Brazil, making it the third largest player in the wind energy sector in Brazil.

Cubico Americas head Ricardo Díaz said: “We will further analyse opportunities in Brazil and elsewhere on its own merits. Besides Brazil, Cubico is currently focusing its origination efforts in Latin America on investments in Mexico, Uruguay, Peru, Colombia, Panama and Costa Rica.”

Cubico Brazil head Eduardo Klepacz added: “The transaction positions Cubico as an investor that is committed to Brazil. We are able to capitalize on opportunities due to our long-term strategy that allows us to maintain and manage assets for a period of between 20 and 40 years.”

 Image: Brazilian wind farm (Acciona)