DNV supports Cubico with technical due diligence for wind and solar portfolio in Uruguay

The outputs support operational and financial planning by helping quantify how future wind and solar resource conditions may differ from historical patterns.

Santiago, Chile - April 1, 2026 – DNV, the independent energy expert and assurance provider, has provided independent Technical Due Diligence (TDD) to Cubico Sustainable Investments to support the refinancing of 75 MW of its Uruguayan portfolio. The scope of work combined the operational Vientos de Pastorale wind farm with first-time project financing for the Alto Cielo solar project, enabling a unified capital structure for the two assets. 

The engagement presented a complex challenge: integrating two fully operational assets with distinct technologies, operational histories, and legacy financial arrangements into a single, consolidated financing framework. To facilitate this, DNV conducted a comprehensive independent evaluation of both assets to ensure they could support the new structure without compromising long-term performance or risk resilience. 

The assessment covered the 50 MW Vientos de Pastorale wind farm and the 25 MW Alto Cielo solar photovoltaic project. DNV's scope included energy yield assessments, operational performance review, technology analysis, and evaluations of operational contracts and Power Purchase Agreements (PPA). The team also conducted an environmental, social, and permitting review. 

Brice le Gallo
Brice Le Gallo, Vice-president and regional director for SEMEA & LATAM, Energy Systems at DNV

"In complex transactions like this, where you are blending assets with different financial and operational backgrounds, independent validation is critical," said Brice Le Gallo, Vice-president and regional director for SEMEA & LATAM, Energy Systems at DNV. "Our role was to provide Cubico and its financial partners with a clear, fact-based understanding of the assets' technical condition and performance expectations. This clarity helps reduce uncertainty and ensures that the financing structure is built on reliable operational evidence." 

Projects like Vientos de Pastorale and Alto Cielo are part of a broader transformation in Uruguay's energy landscape. Wind and solar are priority areas for the country's strategy to diversify its grid and reduce reliance on fossil fuels. By providing independent technical assessment and reducing risk for investors, DNV enables the expansion and financing of renewable energy projects-directly supporting the energy transition toward a cleaner and more sustainable energy mix. For local communities, this means increased access to reliable clean power, reduced emissions, and long-term energy security.

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DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services.  As the world's leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement, and supports customers to transition faster to a deeply decarbonized energy system.