Cubico Sustainable Investments, a renewable energy investment firm, has this week purchased a 50 MW solar farm in England, its 11th such acquisition from developer British Solar Renewables (BSR).
The 50 MW Owls Hatch solar park is located in Kent, southeast England, and has been in operation since March 2015. BSR, which built the solar farm, will be retained as the plants operator, Cubico has confirmed, continuing a relationship that now incorporates 120 MW of solar PV investment.
Cubico utilized a hybrid project finance structure to finance the purchase, raising around $60 million in equity, while Hastings managed funds provided a further $31 million in long-dated fixed rated notes.
"We are delighted to have worked with BSR again and to add one of the largest solar farms in the U.K. to our growing portfolio," said Cubio head of EMEA, David Swindin.
BSRs commercial director David Peill added that the proceeds of the sale to Cubico will allow the developer to "recycle capital into further solar development as well as our growing energy storage pipeline".
Cubicos global renewable energy investment portfolio stands at more than $2 billion, with the firm boasting in excess of 2 GW of clean energy projects under its belt across eight countries.