Renewables investor Cubico Sustainable Investments (Cubico) has signed an agreement with energy solutions platform ZEG Energias Renováveis (ZEG) to acquire a developing solar PV project in Brazil. The transaction consists of a 1GW solar PV complex located in the municipalities of Sobral and Santana do Acaraú in the state of Ceará the project is expected to generate more than 2,000GWh a year and it is said to be one of the largest solar development projects in Brazil. Both Cubico and ZEG will co-develop the project including the negotiation of supply contracts and offtake agreements with third parties “We 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 projects development and energy commercialisation in the local market,” said Francisco Moya country head of Brazil and rest of Latam at Cubico He added that the project is Cubico’s first investment in solar assets in Brazil the company will be actively looking to grow its portfolio through the acquisition and development of other PV and onshore wind projects ZEG’s CEO Daniel Rossi added: “Project Sobral will increase our availability of renewable energy to consumers and clients interested in decarbonising their production process.” Last year, Cubico signed an agreement with technology provider Fluence to optimise the performance of 350MW of solar PV in El Llano The contract continued an ongoing collaboration between the companies with 626MW of solar assets being monitored and analysed across the US and the EU so far we have upgraded our product offerings and features to bring you the best experience please check your email inbox for password reset message from PV Tech and follow the instructions Can\'t find the email? Try to sign in again and use the "Forgot Password" button If you have any questions please contact us. Markets & Policy Events Follow Mercom India on WhatsApp for exclusive updates on clean energy news and insights Renewable energy company Cubico Sustainable Investments said it has acquired Project Sobral — a 1 GW solar photovoltaic (PV) project in Brazil — from ZEG Energias Renováveis (ZEG) It is one of the largest solar development projects in the country and is expected to generate more than 2,000 GWh per year which can power approximately a million Brazilian homes “Project Sobral will increase our availability of renewable energy to consumers and clients interested in decarbonizing their productive process… ZEG has the potential to strategically allocate this energy in the free market offering good opportunities for companies committed to ESG goals.” The transaction comprises a large solar PV complex located in the municipalities of Sobral and Santana do Acaraú in the state of Ceará “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,” Francisco Moya Country Head of Brazil and Rest of Latam at Cubico Moya added the partnership provides an opportunity to combine Cubico’s global in-house development capability and financing with ZEG’s expertise in renewable project development and energy commercialization in the local market “This transaction reflects our focus on accelerated growth and greenfield development … 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,” Javier Areitio Head of Origination and Development at Cubico London-headquartered 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 The company is backed by the resources of the Ontario Teachers’ Pension Plan In November 2022, Ontario Teachers’ Pension Plan announced it will invest close to $805 million in a convertible equity portfolio financing with NextEra Energy Partners to help it acquire a nearly 2 GW renewable portfolio. PREVALL POSTS NEXT RELATED POSTS