Cubico Sustainable Investments has successfully completed the refinancing of a 75 MW operational renewable energy portfolio in Uruguay, comprising the 50 MW Vientos de Pastorale wind farm and the 25 MW Alto Cielo solar photovoltaic project. The transaction combines the refinancing of existing debt at Vientos de Pastorale with the introduction of project finance at Alto Cielo, which had previously been unlevered, into a single, streamlined project finance structure. This approach strengthens the overall capital profile of Cubico’s Uruguayan portfolio. The facility totals approximately USD 87 million and has been provided by a consortium of lenders, including BBVA and Itaú. Itaú also provides bank guarantee facilities, while BBVA serves as Reserve Facility Bank and Account Bank.
Vientos de Pastorale, located in the department of Flores, has been operational since 2017, while Alto Cielo, situated in the department of Artigas, has been generating clean energy since 2015. Both projects are fully operational and reflect Cubico’s long-standing commitment to Uruguay, a country internationally recognised for its leadership in renewable energy deployment and power-sector decarbonisation. The refinancing aligns with Cubico’s long-term strategy by optimising the capital structure of its operational assets, enhancing financial flexibility, and reinforcing portfolio resilience. Uruguay remains a key market for Cubico, supported by a stable regulatory framework and a power system in which renewable sources account for the vast majority of electricity generation.
David Swindin, Chief Executive Officer of Cubico, commented, “This refinancing demonstrates the strength of our operational portfolio and our disciplined approach to long-term ownership and capital management. Uruguay has set a global benchmark for power-sector decarbonisation, and we are proud to be a long-term investor in a market that combines strong fundamentals with a clear commitment to clean energy.”
Javier Perez del Castillo, Cubico’s Country Head for Uruguay, added, “This transaction reflects the maturity and quality of our Uruguayan portfolio and our continued focus on active portfolio management. Uruguay remains a highly attractive market for sustained, long-term investment.”
Cubico currently owns and manages more than 400 MW of operational wind and solar capacity in Uruguay, making it the country’s largest private owner of renewable energy assets and a trusted partner in the nation’s energy transition. Cubico was advised by Posadas, Posadas & Vecino as borrower’s legal counsel, with Guyer & Regules representing the lenders. Technical due diligence was carried out by DNV, market analysis by GME, insurance advisory by WTW, and the financial model audit was completed by Exante.
