Cubico Sustainable Investments has acquired a 23.4MWp solar plant in Spain from a group of investors.

The renewable energy investor said it has paid an undisclosed amount to buy Luzentia Promoción y Mantenimiento Renovable operational solar plant in Jumilla, Murcia, in south-eastern Spain.

The plant became operational in 2007.

Cubico said it plans to finance the asset, adding that it is currently evaluating a number of traditional project financing including bond financing.

David Swindin, head of EMEA at Cubico, said: “We have a long history in Iberia and this acquisition consolidates Cubico’s position as one of the largest owners of renewable energy assets in Spain.

“We have a great platform in Iberia with a fantastic team and see excellent opportunities for future growth there.”

José Canales, head of Iberia at Cubico, said: “This acquisition is a great example of Cubico´s competitiveness and it shows our appetite to invest in Iberia, with the aim of consolidating a solid and technologically diverse portfolio in the region.

“It represents another important step in our mission to transition towards a world powered by clean energy.”

As a result of the acquisition, Cubico’s portfolio in Iberia now comprises seven assets across Spain and Portugal, with a total capacity of 229MW.