With Twin Deals, Cubico Acquires 1600MW Renewables Pipeline in Mexico

With Twin Deals, Cubico Acquires 1600-MW Renewables’ Pipeline in Mexican Market

By Subhash Yadav/ Updated On Thu, Feb 1st, 2024

Highlights :

Cubico has acquired Renantis Mexico and signed a strategic agreement with Sowitec Group to enhance its portfolio in Mexico.
The acquisitions comprise at least 12 solar and hybrid projects across 7 states and in various stages of development.

With Twin Deals, Cubico Acquires 1600-MW Renewables’ Pipeline in Mexican Market

UREDA Invites Bids for 250 MW Solar Power Projects in Uttarakhand. Photo: Pexels

Cubico Sustainable Investments has announced the completion of two transactions which it says significantly enhance the company’s renewable energy footprint and development portfolio in Mexico. Through the acquisition of Renantis Mexico and a strategic agreement with Sowitec Group, the development pipeline of Cubico in Mexico has now exceeded 1.6 GW. The company says that the transactions reflect its strong commitment to expanding its RE platform in Mexico.

The acquisitions comprise at least 12 solar and hybrid projects across 7 states and in various stages of development, solidifying Cubico’s presence and impact nationwide. Combined, these two transactions add over 1.6 GW of capacity to Cubico’s development portfolio in Mexico, pushing the total size of the business’ Mexican portfolio to 2.2 GW, with Cubico’s three operational projects, Mezquite and Solem 1 and 2.

Cubico said in its official statement that several of the new projects in its portfolio are in regions such as the Yucatan peninsula, that are experiencing high levels of fossil fuel electricity generation, significant energy demand growth driven by nearshoring, and supply reliability challenges, offering unique opportunities for clean energy development. These transactions underscore Cubico’s long term commitment to advancing the renewable energy transition in Mexico, working closely with the public and private sectors and investing in sustainable energy projects that will bring economic, environmental, and social development benefits to the communities they are located in.

Osvaldo Rance, Country Head, Cubico, said, “We are confident that these projects will play a vital role in meeting the growing demand for clean energy in the region. Looking ahead, we will be seeking both public and private off takers.

Javier Areitio, Head of Origination & Development, Cubico, added, “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.”