Cubico Sustainable Investments has achieved financial close on the 162MW Wagyu solar farm in Texas.
Construction of the project in Brazoria County is underway under an EPC contract with RES.
Wagyu is expected to become fully operational in the third quarter of 2020.
The project has a 15-year corporate power purchase agreement with Starbucks and a 12-year physical hedge from BP.
Project finance debt was provided by HSBC, Nord LB and Rabobank and tax equity was provided by US Bank.
Cubico received legal advice from Winston & Strawn, financial advice from CCA, technical support from Enertis, with WSP the owner’s engineer.
Cypress Creek is the operations and maintenance provider.
Cubico bought the project and four others totalling 580MW from Cypress Creek in January 2019.
Three projects, Palmetto Plains and Huntley in South Carolina and Crooked Run in North Carolina, have already closed financing.
Cubico head of Americas Ricardo Diaz said: “We are pleased to have closed our fourth project in the United States in record timing and want to thank our partners and counterparties for working alongside us.
“We will continue to focus our origination efforts on expanding the US portfolio and look forward to continued growth as we work towards a clean energy future.”
Cubico USA head Oliver Alexander said: “Wagyu is a great addition to Cubico’s USA business, representing a number of firsts for the company including its first corporate PPA and first physical hedge, whilst also establishing long-term relationships with offtake counterparties Starbucks and BP.
“We are very pleased to be working with RES on new construction projects again and look forward to continuing to work with Cypress Creek on new project investments into 2020 and beyond.”