September 10 (Solar) – London-based renewables investor Cubico Sustainable Investments Ltd said today it has agreed to acquire three operational photovoltaic (PV) power plants in Portugal with a combined capacity of 29.4 MW.
It is buying the projects, which are all fixed-tilt, ground-mounted systems located in the Algarve, southern Portugal, from CEF Energia Iberica BV, a solar company backed by Glennmont Partners. The portfolio includes the 15.8-MW Avalades, 6.8-MW Ferreiras and 6.8-MW Sol Cativante V projects.
David Swindin, head of EMEA (Europe, Middle East and Africa) at Cubico, said that the acquisition will help the company gain scale in Portugal, making it better placed for future opportunities in this market. The deal increases the capacity of Cubico's Iberian portfolio to 209 MW, spread across eight assets, including PV, solar thermal and wind technologies.
"We are encouraged by the positive dynamics in Portugal and Spain and continue to look for further operational and greenfield renewable opportunities in both countries," commented Cubico's head of Iberia David Smith.
The three plants will be managed by Cubico's team in Madrid, while Voltalia will continue to provide operations and maintenance (O&M) services.