Cubico closes finance on 162MW Texas solar project to power Starbucks

London-headquartered investor Cubico Sustainable Investments has achieved financial close on the 162MW Wagyu solar PV project in Brazoria County, Texas, the US. The project has a 15-year power purchase agreement (PPA) with global coffeehouse giant Starbucks and this includes a 12-year physical hedge from BP. Cubico acquired a PV portfolio from Cypress Creek Renewables in January 2019 covering five projects with a cumulative capacity of 580MW capacity. Wagyu is the fourth of these projects to reach financial close, following the Palmetto Plains and Huntley projects in South Carolina and Crooked Run in North Carolina. Renewable Energy Systems (RES) ia already working on the Wagyu project as EPC contractor and project completion is expected in Q3 2020. Cypress Creek will then provide O&M services. Oliver Alexander, head of USA at Cubico, said: “Wagyu is a great addition to Cubico’s USA business, representing a number of firsts for the company including its first corporate PPA and first physical hedge, whilst also establishing long-term relationships with offtake counterparties Starbucks and BP.