Cubico Sustainable Investments has completed the acquisition of two operational wind farms in Italy with a combined capacity of 16MW from Blunova for an undisclosed price.
The projects are the Bisaccia (pictured) and Torretta wind farms in Campania and Apulia.
On completion of the deal, Cubico completed the refinancing of the projects using an accordion facility of an existing green loan financing with Credit Agricole Corporate & Investment Bank, Siemens Financial Services through Siemens Bank and Societe Generale.
Cubico and the lenders were supported by Bird & Bird on legal issues, RINA and DNV-GL on technical aspects, Marsh and Funk on insurance, KPMG on financial, tax and model audit and Chatham Financial as hedging adviser.
Cubico Head of EMEA David Swindin said: “This was a good opportunity to increase the size of our portfolio in one of the core countries of Cubico.
“The support of our existing lenders was greatly appreciated and allowed for a relatively easy transaction.”
Cubico country head for Italy and Greece Alessandro Asperti said: “We are delighted to continue our growth in the Italian market through this new acquisition, which takes our portfolio in the country to 250MW.
“This transaction has allowed us to further benefit from the green loan financing agreement put in place for three of our other Italian wind projects just over a year ago, confirming the strong support from our relationship banks.”