Renewable energy investor Cubico Sustainable Investments, headquartered in the UK, has announced the extension of the maturity of its existing corporate facility totaling USD 700 million (EUR 652.3 million), marking a significant move to bolster its financial resilience.
The extension comes as part of a strategic maneuver to fortify Cubico's financial position, providing enhanced flexibility to pursue sustainable growth initiatives. Initially secured as part of a refinancing operation with a consortium of major banks in 2022, the facility comprises a USD 300 million revolving component and a USD 400 million letter of credit facility, each with accordions of USD 200 million.
Under the terms of the extension, the three-year loans have now been prolonged, with the maturity date set for March 2026, alongside two one-year extension options, offering Cubico greater maneuverability in navigating the evolving renewable energy landscape.
The consortium of participating lenders, comprising esteemed institutions such as BNP Paribas, CIBC, Credit Agricole CIB, Export Development Canada, HSBC, ING, National Australia Bank, Scotiabank, and Societe Generale, has remained steadfast in its support of Cubico's endeavors. National Australia Bank retains its pivotal role as the facility and security agent.
Matt Donaldson, Cubico's Chief Financial Officer, underscored the significance of the transaction, stating, “This transaction provides us with increased financial flexibility to fulfill our sustainable growth ambitions. We are delighted with the strength of support received from our key relationship banks for this extension, reinforcing their confidence in our strategy, our ESG credentials, and our proven track record in creating value through renewable energy investments.”
