Cubico Sustainable Investments Ltd. on Sept. 10 announced the acquisition of three operating solar projects in Portugal with a combined capacity of 29.4 MW from CEF Energia Ibérica BV.
CEF Energia will divest its stakes in the 15.8-MW Avalades, 6.8-MW Ferreiras and 6.8-MW Sol Cativante V photovoltaic facilities in Algarve, according to a company release.
Asset manager Cubico's Madrid-based team will manage the facilities, while Voltalia will continue to provide operation and maintenance services.
With the addition of these assets, Cubico said its solar photovoltaic, thermal and wind portfolio will expand to of 209 MW in the Iberian Peninsula.
"We are encouraged by the positive dynamics in Portugal and Spain and continue to look for further operational and greenfield renewable opportunities in both countries," said David Smith, head of Iberia at Cubico.
CEF Energia is a solar power plant company backed by Glennmont Partners.