London-headquartered Cubico Sustainable Investments has ramped up its Italian portfolio with the acquisition of eight projects with a combined capacity of 105.6MW.
The platform owned by Ontario Teachers’ Pension Plan and Public Sector Pension Investments has assumed control of the fully operating portfolio after its acquisition of holding company Silver Ridge Power Italia from bankrupt US renewable energy developer SunEdison and private equity firm Riverstone Holdings.
Cubico declined to state the purchase price.
The eight projects vary in size from 1MW to the 43MW Cellino San Marco park, one of the largest of its kind built in Italy. Riverstone and its then partner AES Corporation closed financing on Cellino San Marco in April 2010 in a €173 million deal supported by Société Générale, Unicredit, BNP Paribas, Crédit Agricole and Deixa Crediop.
The sites all began operating between 2010 and 2013 and the portfolio deal makes Cubico one of the major solar PV owners in Italy. The platform’s previous investments in the country have previously focused on the wind market, where it owns 99MW across three projects.
The acquired portfolio was one of the many solar investments in Italy to be adversely affected by various cuts to the country’s feed-in tariff scheme earlier in the decade.
In August 2015, Silver Ridge Power initiated legal proceedings against the Italian government, seeking damages for the revenue lost to retroactive cuts. The parties agreed to suspend the case in June 2016 until January and Spaniard Bernardo Cremades was appointed as the case arbitrator at the beginning of March. Cubico had not responded to requests for further comment on the action by press time.