Cubico said in a statement on Friday that the scheme is part of a 580-MW portfolio, which it bought from project developer Cypress Creek Renewables at the start of this year and the second one from the acquired five projects reaching financial close. All assets of the portfolio are planned to become operational by the fourth quarter of 2020.

Germany's Nord/LB and Spanish Banco Santander (BME:SAN) extended debt financing for the project. Construction of the photovoltaic (PV) facility is already ongoing in North Carolina’s Pender County and its commissioning is scheduled for later this year. Cypress Creek is in charge of building the plant, the given capacity of which is in direct current (DC).

Cubico is backed by two of Canada’s largest pension investment managers -- PSP Investments and Ontario Teachers’ Pension Plan.