Cubico has purchased Project Sobral, a 1 GW solar power project being developed by ZEG Energias Renováveis (ZEG) in Brazil.
The project, located in the municipalities of Sobral and Santana do Acaraú in the state of Ceará, is one of the largest solar developments in the country and is projected to produce over 2,000 GWh annually, sufficient to supply electricity to roughly one million homes in Brazil.
Cubico and ZEG will work together on the project, including negotiating contracts and agreements with outside parties.
Francisco Moya, Country Head of Brazil and Rest of Latam at Cubico, said: “This important acquisition consolidates our presence in Latin America and marks the start of our new renewables platform in Brazil after recent strategic divestments in the country. It's also our first investment in solar assets in Brazil and we will be actively looking to grow the portfolio through the acquisition and development of other PV and onshore wind projects. We also see this as the start of an exciting partnership with ZEG, where we combine Cubico's global in-house development capability, construction and operational experience and proven financing track-record with their expertise on renewable project development and energy commercialisation in the local market.”
Javier Areitio, Head of Origination and Development at Cubico, added: “This transaction reflects our focus on accelerated growth and greenfield development, both at the centre of our ambitious new strategy. We look forward to building our global portfolio further as we increase our commitment to driving the energy transition and bringing clean power to people and communities around the world.”
Daniel Rossi, CEO of ZEG, said: “Project Sobral will increase our availability of renewable energy to consumers and clients interested in decarbonising their productive process. As part of Grupo Capitale, ZEG has the potential to strategically allocate this energy in the free market, offering good opportunities for companies committed to ESG goals.”
Cubico was advised by Machado Meyer for legal matters, RINA for technical matters, and KPMG for finance and model audit. ZEG, on the other hand, was advised by Trench Rossi Watanabe for legal matters and Virtus Capital Partners for financial matters.
The completion of this acquisition is contingent upon the fulfillment of the agreed upon conditions, which are standard for this type of transaction. These conditions include, but are not limited to, approval from the Administrative Council for Economic Defense (CADE).
