Cubico Sustainable Investments has acquired three operational solar farms in Portugal totalling 29.4MW from CEF Energia Iberica, a company backed by Glennmont Partners, for an undisclosed price.
The projects, which are located in the Algarve, are the 15.8MW Avalades and 6.8MW each Ferreiras and Sol Cativante 5 facilities.
Cubico’s team in Madrid will manage the plants, with Voltalia continuing to provide operation and maintenance.
Cubico head of EMEA region David Swindin said: “This is a unique acquisition for Cubico and adds to our growing portfolio of renewable energy assets with very strong contracted revenue profiles.
“These particular projects will help us to achieve scale in Portugal, leaving Cubico better placed for future opportunities in the market while increasing the capacity of our Iberian portfolio.”
Glennmont founding partner Scott Lawrence said: “We are pleased with the closing of this deal with Cubico. Glennmont has been an active investor in Portugal for a number of years and we believe our strategy for the Portuguese market has allowed us to continue to find and deliver value across a diversified portfolio of power generation assets.
“These solar assets have performed well for us since we built them, and believe they will continue to do so.”