In a sign of the growing investor confidence in Latin America's burgeoning renewables sector, sustainable investment firm Cubico announced yesterday it has bought several wind farms in Brazil in deals worth a collective R$2bn (£345m).
In transactions that were completed late last year, the London-based firm acquired two wind farm complexes in the Piauí state of Brazil with a combined 392MW from local developer Casa dos Ventos.
The company, which was founded last year by Banco Santander and two of Canada's largest pension funds in order to invest in renewable energy and water projects, said it will also open an office in São Paulo, adding to its two other overseas offices in Milan and the Federal District of Mexico.
Eduardo Klepacz, head of the Brazil division at Cubico, said in a statement that the move underlines the company's commitment to the Brazilian market. He added that the investment firm's long-term strategy would allow it to maintain and manage assets for several decades.
Combined with the firm's existing 223MW of wind power in Brazil, which was transferred from Santander, the latest acquisitions means the company now controls 615MW of operating wind farms in the country, making it the third-largest player in the emerging economic powerhouse's growing wind energy sector.
The establishment of the new São Paulo office will see the firm eyeing further opportunities in Brazil as well as further afield. "We believe in the renewable energy generation sector in Brazil and with the new office in São Paulo we are pursuing investment opportunities not only in the country, but also in other regions of Latin America, such as Peru, Colombia, Uruguay, Panama and Costa Rica," said Klepacz.
The company currently operates six other plants in Latin America, including five wind farms in Mexico with 799MW of combined capacity.
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