UK-based renewables investor Cubico Sustainable Investments has completed two strategic transactions in Mexico, bolstering its energy portfolio to more than 2.2GW.
Cubico has acquired Renantis Mexico and entered a strategic agreement with the Sowitec Group.
The two transactions have collectively contributed more than 1.6GW to Cubico's development pipeline in the country.
The acquisitions include a minimum of 12 solar and hybrid projects across seven states. The projects are at varying stages of development and will add to the company's existing operational Mexican assets, Mezquite and Solem 1 and 2.
The expansion solidifies its nationwide presence and demonstrates its long-term commitment to Mexico's renewable energy sector.
Cubico has been collaborating with both public and private sectors to invest in sustainable energy projects.
Cubico Sustainable Investments Mexico country head Osvaldo Rance stated: “We are delighted to announce the completion of these two transactions, which reinforce our commitment to delivering projects that will contribute to both reducing greenhouse gas emissions and driving Mexico’s future economic growth.
“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 offtakers.”
The new additions to Cubico's portfolio are strategically located in regions such as the Yucatan peninsula.
The region is highly reliant on fossil fuel electricity and is experiencing growing energy demand due to companies nearshoring [the practice of transferring a business to a nearby country] and supply reliability issues, presenting prime opportunities for renewable energy development.
In September 2023, Cubico acquired three operational renewable energy projects in Uruguay from Brookfield.
The deal included two wind farms, Carape I and Carape II, with capacities of 52MW and 43MW, respectively, and the 26MW Alto Cielo solar farm.
With these acquisitions, Cubico bolstered its renewable capacity in Uruguay to more than 320MW.
