Grupo T-Solar is a 274MW solar power generation platform with 47 assets spread across Spain and Italy
Global investor in renewable energy Cubico Sustainable Investments (Cubico) has signed an agreement with I Squared Capital to acquire Grupo T-Solar, a solar power generation platform with 47 assets spread across Spain and Italy, for €1.5bn ($1.8bn).
The power generation platform has a total capacity of 274MW, which includes 167MW of solar power, 100MW of concentrated solar power spread across Spain, and7MW of solar PV in Italy.
Grupo T-Solar also has a solar development pipeline of around 1.4GW.
After the acquisition, Cubico’s installed solar capacity in Spain will increase to 440MW.
Cubico EMEA head David Swindin said: “This significant acquisition more than doubles our portfolio in Spain and makes us one of the largest independent owners of renewable energy projects in the Iberian Peninsula, with over 500 MW in operation.”
“We were one of the first international investors to re-enter the Spanish market and now it has grown to be Cubico’s largest market by value. We continue to explore further opportunities in which we can use our core skill of operational excellence with a long-term ownership mindset and look forward to more success in the future.”
Cubico Iberia head José Canales said: “This transaction is a real testament to our unique blend of internal business development, operations, financial, commercial, technical and legal expertise.”
“We are very proud to be adding such an important group of assets to our portfolio as we work towards meeting the renewable energy targets of Iberia and the rest of Europe.”
For the acquisition, the renewable energy investor was supported by legal advice from Clifford Chance and tax advice from E&Y.