Cubico Sustainable Investments has acquired a 121MW of wind and solar projects in Uruguay from Brookfield for an unspecified amount.

The renewable energy investor said it has completed the acquisition of the 52MW Carape I and 43MW Carape II wind farms in Maldonado; and the 26MW Alto Cielo solar photovoltaic plant in Artigas.

The latest deal increases Cubico’s renewables capacity in Uruguay to over 320MW, the manager said.

Javier Areitio, head of origination and development at Cubico, said: “This deal aligns with one of the pillars of our global growth strategy – increasing and diversifying our installed capacity in each of our existing markets – rather than expanding our geographical footprint.

“As we build our clean-energy portfolio, we are prioritising the pursuit of synergies and a 24-seven generation profile in each country where we operate.”

Javier Pérez del Castillo, country manager for Uruguay at Cubico, said: “This is another important milestone for Cubico, significantly strengthening our position as the largest private owner of renewables in Uruguay and one of the largest in the world.

“Through this acquisition, we are very pleased to have diversified our Uruguayan asset base and expanded our local team, enhancing our technical and financial capabilities.”

Cubico, backed by Canadian pension funds Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board, has a global portfolio in 11 countries.

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