Cubico Sustainable Investments has secured €85m debt capital for the financing of 29.4MW Portuguese solar projects.

Last year, Cubico bought the Avalades and Ferreiras photovoltaic plants in southern Portugal from a company backed by Glennmont Partners. Cubico said it has achieved financial closing for the 22.6 MW plants in southern Portugal.

Cubico said the total amount of non-recourse project finance debt raised was €65m and an additional tranche of €20m has been committed for a 6.8 MW project, also located in southern Portugal, which Cubico will acquire.

David Swindin, the head of Cubico’s EMEA business, said: “We are very pleased to have closed this non-recourse financing in Portugal as part of the expansion of our portfolio in the Iberian Peninsula.

”We look forward to further acquisitions in the coming period”