Cubico Sustainable Investments has entered into an agreement with ZEG Energias Renováveis (ZEG) to acquire a 1GW solar project under development in Brazil. The transaction comprises a large solar complex, called Project Sobral, located in the municipalities of Sobral and Santana do Acaraú in the state of Ceará. Cubico and ZEG will co-develop Project Sobral, 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.” The conclusion of the deal remains subject to the fulfilment of conditions agreed within the scope of the acquisition, which include, but are not limited to, approval by the Administrative Council for Economic Defense.
Credits: renews.biz [Image: Cubico]