Cubico Sustainable Investments has reached financial close on the 162-MW Wagyu solar project in Brazoria County, Texas.
HSBC, Nord LB and Rabobank provided project finance debt, while US Bank provided tax equity, according to an Oct. 16 news release.
Wagyu is the fourth project to reach financial close in the 580-MW solar portfolio Cubico acquired from Cypress Creek Renewables LLC in January. The same financing parties also participated in the 75-MW Palmetto Plains and Huntley projects.
Construction is currently underway at Wagyu under a contract with Renewable Energy Systems Ltd. The project has a 15-year corporate power purchase agreement with Starbucks Corp. and a 12-year physical hedge from BP PLC.
Cubico is owned by Canadian pension funds Ontario Teachers’ Pension Plan and PSP Investments.