LONDON, Jan. 17, 2023 /PRNewswire/ -- Cubico Sustainable Investments (Cubico), one of the world's largest privately-owned renewable energy companies, has acquired Project Sobral, a 1 GW solar PV project under development in Brazil, from ZEG Energias Renováveis (ZEG).
The transaction comprises a large solar PV complex located in the municipalities of Sobral and Santana do Acaraú in the state of Ceará.
Project Sobral, one of the largest solar development projects in the country, is expected to generate more than 2,000 GWh per year, enough energy to power approximately a million Brazilian homes.
Cubico and ZEG will co-develop the project, including the negotiation of supply contracts and offtake agreements with third parties.
Francisco Moya, Country Head of Brazil and Rest of Latam at Cubico, said: "This important acquisition consolidates our presence in Latin America and marks the start of our new renewables platform in Brazil after recent strategic divestments in the country. It's also our first investment in solar assets in Brazil and we will be actively looking to grow the portfolio through the acquisition and development of other PV and onshore wind projects. We also see this as the start of an exciting partnership with ZEG, where we combine Cubico's global in-house development capability, construction and operational experience and proven financing track-record with their expertise on renewable project development and energy commercialisation in the local market."
Javier Areitio, Head of Origination and Development at Cubico, added: "This transaction reflects our focus on accelerated growth and greenfield development, both at the centre of our ambitious new strategy. We look forward to building our global portfolio further as we increase our commitment to driving the energy transition and bringing clean power to people and communities around the world."
Daniel Rossi, CEO of ZEG, said: "Project Sobral will increase our availability of renewable energy to consumers and clients interested in decarbonising their productive process. As part of Grupo Capitale, ZEG has the potential to strategically allocate this energy in the free market, offering good opportunities for companies committed to ESG goals."
Cubico was advised by Machado Meyer (Legal), RINA (Technical) and KPMG (Finance & Model Audit). ZEG was advised by Trench Rossi Watanabe (Legal) and Virtus Capital Partners (Financial)
The conclusion of this transaction remains subject to the fulfilment of the conditions precedent agreed within the scope of the acquisition, which are customary for this type of transaction and include, but are not limited to, approval of the Administrative Council for Economic Defense (CADE).
About Cubico
Founded in May 2015, Cubico Sustainable Investments is a major investor in the renewable energy sector. The company is backed by the resources of Ontario Teachers' Pension Plan, Canada's largest single-profession pension plan, and PSP Investments, one of Canada's largest pension investment managers. Cubico's global portfolio in 12 countries has an installed gross capacity of more than 2.7 GW, with 3.5 GW in construction and under development. Cubico is headquartered in London and has offices in São Paulo and Fortaleza (Brazil), Athens (Greece), Milan (Italy), Stamford (US), Mexico City (Mexico), Madrid (Spain), Bordeaux (France), Sydney and Melbourne (Australia), Montevideo (Uruguay) and Bogotá (Colombia).
www.cubicoinvest.com
About ZEG & Capitale Energia
ZEG ("Zero Emission Generation") is a company focused on reducing the negative impacts of carbon fuels in the energy matrix worldwide, investing in disruptive and innovative technologies. Through its different subsidiaries and invested companies, ZEG provides a broad range of carbon-neutral and energy efficient solutions, going from biomethane production, waste to energy conversion and the renewable energy generation.
Capitale Energia is one of the largest and most active independent commercialization companies in Brazil, with more than 1GWa of energy daily negotiated. Capitale provides innovative and customized solutions for more than 1.500 companies of different sectors in the free energy market in Brazil
ZEG and Capitale Energia are part of Grupo Capitale's energy solutions platform.
www.zeg.com.br
www.capitaleenergia.com.br
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