Cubico Sustainable Investments said today it has achieved financial close on the refinancing of a 50-MW concentrated solar power (CSP) plant in Spain.

The renewables investor, which is backed by Ontario Teachers’ Pension Plan and PSP Investments, said that this is its second green loan after earlier refinancing a 99-MW wind portfolio in Italy.

Cubico noted it has raised EUR 247 million (USD 281m) in total non-recourse long-term project finance debt. The mandated lead arrangers are Societe Generale, Credit Agricole, CaixaBank, Export Development Canada and BNP Paribas.

The latest transaction concerns the Arenales CSP in Moron de la Frontera, Seville, which was acquired by Cubico in February 2020. The facility uses parabolic trough solar thermal technology with seven hours of storage in molten salt. It has been operational since 2013.