Cubico Sustainable Investments, a global renewable energy firm, has achieved financial closing for the 22.6-megawatt Avalades and Ferreiras PV plants in southern Portugal.
The plants were recently acquired from a company backed by Glennmont Partners. The total amount of nonrecourse project finance debt raised was €65 million ($74 million) and an additional tranche of €20 million ($23 million) has been committed for a 6.8-megawatt project, also located in southern Portugal, which Cubico will acquire subject to the fulfilment of a condition.
