Cubico Sustainable Investments, a UK-based renewable energy projects developer, has acquired three operational renewable projects in Uruguay from Brookfield.

This deal comprises two wind farms, Carape I and Carape II, in the city of Maldonado, with 52MW and 43MW capacities, respectively, and one solar farm, the 26MW Alto Cielo plant in the city of Artigas.

The acquisition strengthens Cubico's position in the country. Its renewables capacity is now more than 320MW.

Cubico origination and development head Javier Areitio stated: “This deal aligns with one of the pillars of our global growth strategy: increasing and diversifying our installed capacity in each of our existing markets, rather than expanding our geographical footprint.

“As we build our clean energy portfolio, we are prioritising the pursuit of synergies and a 24/7 generation profile in each country where we operate.”

Cubico Uruguay country manager Javier Pérez del Castillo stated: “This is another important milestone for Cubico, significantly strengthening our position as the largest private owner of renewables in Uruguay and one of the largest in the world.

“Through this acquisition, we are very pleased to have diversified our Uruguayan asset base and expanded our local team, enhancing our technical and financial capabilities.”

In January 2023, the company reached a deal with ZEG Energias Renováveis to acquire the Sobral project, a 1GW solar project under development in Brazil.

To be built in the municipalities of Sobral and Santana do Acaraú in the state of Ceará, the solar plant will produce more than 2,000 gigawatt-hours of clean energy annually, enough to meet the needs of one million Brazilian households.