Cubico fattens Mexican renewables portfolio with deals for over 1.6 GW

UK-based renewables investor Cubico Sustainable Investments announced on Wednesday that it has finalised two transactions in Mexico that enabled it to boost the size of its portfolio in the country to over 2.2 GW.

These deals saw Cubico acquire Renantis Mexico and reach a “strategic agreement” with German renewables developer Sowitec, gaining over 1.6 GW of projects in various stages of development. Financial and other details were kept under wraps.

The acquired package contains at least 12 solar and hybrid projects located in seven states. Some of these projects are sited in regions such as the Yucatan peninsula, where power production from fossil fuels is high while energy demand grows due to nearshoring, providing opportunities for clean energy development, Cubico said.

“These transactions align with our global strategy of leveraging the local knowledge and in-house expertise that we have built to expand our portfolios within existing markets,” commented Javier Areitio, Head of Origination & Development at Cubico Sustainable Investments.

The new projects will add to Cubico’s existing portfolio in Mexico, which consists of the 250-MW Mezquite wind farm in Nuevo Leon and the 350-MW Solem solar complex in Aguascalientes.

Both Mezquite and Solem generate revenues under power purchase agreements (PPAs) awarded in Mexico’s second long-term electricity auction.

For the new projects, Cubico will pursue both public and private off-takers, said Osvaldo Rance, the firm’s country head for Mexico.

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