Cubico swoops on 1GW Brazil solar

• Renewables developer is acquiring Project Sobral in the state of Ceará from ZEG Energias Renováveis

Cubico Sustainable Investments has actually become part of an agreement with ZEG Energias Renováveis (ZEG) to acquire a 1GW solar project under development in Brazil.

The purchase makes up a big solar complex, called Project Sobral, situated in the municipalities of Sobral and also Santana do Acaraú in the state of Ceará.

Cubico and ZEG will certainly co-develop Project Sobral, including the negotiation of supply contracts and also offtake agreements with third parties.

Francisco Moya, Country Head of Brazil as well as Rest of Latam at Cubico, claimed: "This essential acquisition consolidates our visibility in Latin America as well as marks the start of our brand-new renewables platform in Brazil after recent tactical divestments in the country.

" It's likewise our first financial investment in solar assets in Brazil as well as we will be proactively aiming to expand the portfolio through the purchase and development of other PV as well as onshore wind projects."

The conclusion of the deal remains subject to the fulfilment of problems agreed within the scope of the acquisition, that include, however are not limited to, approval by the Administrative Council for Economic Defense.