(PEHub) Cubico Sustainable Investments (Cubico), with the backing of OTPP and PSP, has announced the opening of an office in São Paulo and the acquisition of two wind farm complexes from Casa dos Ventos.
This is the first investment by Cubico in Brazil and includes the Caetés plant (182 MW) in Pernambuco state, and the Ventos do Araripe I plant (210 MW), in Piauí state. The investment, including assets and debt taken on, is approximately R$2 billion, which now belong to and are administered by Cubico.
With the completion of the transaction to acquire two wind farm complexes from Casa dos Ventos, Cubico adds 392 MW to its portfolio in Brazil which, alongside the existing 223 MW (transferred from Santander’s former global portfolio of renewable energy assets), totals 615 MW of operating wind assets in Brazil, making the company the third-largest player in the wind energy sector in the country, according to the industry body ABEEólica.
According to Ricardo Díaz, Head of the Americas at Cubico, the investment demonstrates Cubico and its shareholders’ commitment to Brazil, to Latin America and to the renewable power generation sector in the region. “We will further analyse opportunities in Brazil and elsewhere on its own merits. Besides Brazil, Cubico is currently focusing its origination efforts in Latin America on investments in Mexico, Uruguay, Peru, Colombia, Panama and Costa Rica,” says Díaz.