Cubico Sustainable Investments has acquired 10 solar projects in the UK totalling 65MW from British Solar Renewables.
The projects are mainly located in the south-west of England, but also include Scotland’s largest solar farm in County Angus, Cubico said.
The renewables investor added that it has also closed financing on eight of the projects under a portfolio financing facility with National Australia Bank.
The remaining two solar farms are expected to join the financing facility soon, taking the total debt on the deal to £60m, Cubico said.
The investor’s total portfolio now comprises 29 projects across eight countries totalling 1.9GW.
Cubico is owned by Santander, Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board.
British Solar Renewables commercial director David Peill said: “The sale of these completed projects enables us to recycle our capital and focus on developing out our 1.2 ROC pipeline of projects using our in-house EPC and ICP teams.”
Law firm Watson Farley & Williams advised Cubico on the financing with National Australia Bank.
Image: British Solar Renewables
