Renewable energy investment company Cubico announced Friday that they have acquired a solar portfolio of 18 projects in Italy.
The portfolio, totalling 105.6MW in generation capacity, was acquired from Silver Ridge Power Italia – a joint venture between Riverstone and SunEdison.
Located in three regions across Italy (Apulia, Lazio and Sicily), the solar projects range from 1MW to 43MW and all became operational between 2010 and 2013. The portfolio stands as one of the largest solar portfolios in Italy.
The plants are owned by nine different special purpose vehicles – with most financed through project financing structures provided by four pools of banks. As a result of the acquisition, Cubico’s Italian assets now feature 21 projects with a total capacity of 205MW.
David Swindin, head of EMEA at Cubico, said: “We have a long history in Italy and this acquisition gives Cubico the opportunity to become one of the largest owners of PV in the country as well as our current wind portfolio. We are delighted to have worked with Riverstone on the acquisition and look forward to further expanding our portfolio in the country in the future.”