Cubico Sustainable Investments has completed the refinancing of a 75 MW operational wind and solar portfolio, comprising the 50 MW Vientos de Pastorale wind farm and the 25 MW Alto Cielo solar photovoltaic (PV) project.
The transaction brings together the refinancing of existing debt at Pastorale alongside the introduction of project finance at Alto Cielo, which was previously unlevered, into a single project finance structure – strengthening the overall capital profile of Cubico’s Uruguayan portfolio. The facility totals approximately US$90 million and has been provided by a consortium of lenders including BBVA and Itaú. Itaú is also providing bank guarantee facilities, with BBVA acting as Agent, Reserve Facility Bank, and Account Bank.
Vientos de Pastorale, located in the department of Flores, has been operational since 2017. The Alto Cielo solar project, located in the department of Artigas, has been operational since 2015. Both projects are fully operational, and form part of Cubico’s long-standing presence in Uruguay, a market internationally recognised for its leadership in renewable energy deployment and power-sector decarbonisation.
The refinancing supports Cubico’s long-term strategy by optimising the capital structure of its operational assets, enhancing financial flexibility and reinforcing the resilience of its portfolio. Uruguay remains a core market for Cubico, supported by a stable regulatory framework and a power system in which renewables account for the vast majority of electricity generation.
Cubico currently owns and manages more than 400 MW of operational wind and solar capacity in Uruguay, making it the country’s largest individual private owner of renewable energy assets and a long-term partner in the country’s energy transition.
David Swindin, CEO of Cubico, commented: “This refinancing demonstrates the strength of our operational portfolio and our disciplined approach to long-term ownership and capital management. Uruguay has set a global benchmark for power-sector decarbonisation, and we are proud to be a long-term investor in a market that continues to combine strong fundamentals with a clear commitment to clean energy.”
Javier Perez del Castillo, Cubico’s Country Head for Uruguay, added: “This transaction reflects the maturity and quality of our Uruguayan portfolio and our continued focus on active portfolio management. Uruguay remains a highly attractive market for sustained, long-term investment.”
Cubico was advised by Posadas, Posadas & Vecino as borrower’s legal counsel, with Guyer & Regules acting for the lenders. Technical due diligence was conducted by DNV, market analysis by GME, insurance advisory by WTW, and financial model audit by Exante.
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