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There have been numerous investments made by foreign investors in renewable energy sources in Spain lately, and one of the latest concerns the acquisition of a large solar power plant in Jumilla by the London-based fund Cubico Sustainable Investments.
At a price reported to be in the region of 140 million euros Cubico has acquired Luzentia, the company which until now owned the plant with capacity to produce 20 megawatts and which has been in operation since 2008, producing revenue of approximately 12 million euros per year. This is Cubico’s fourth venture in Spain and the company now controls a total of 187 megawatts after acquiring a wind farm in Villanueva in the region of Valencia (67 mW) and the solar plants of Andasol 1 and Andasol 2 in Guadix (Granada).
Although based in London, Cubico is now owned by the Ontario Teachers' Pension Plan and PSP Investments “mega-funds” and possesses renewable energy infrastructures in 10 countries including Italy, Portugal, the UK, the USA, Mexico and Colombia. Its latest acquisition in Spain marks the end of a long period of problems for Luzentia on account of the drastic reduction in government subsidies for renewable energy sources.
Image 2: Google Earth
