Cubico to acquire Grupo T-Solar for EUR 1.5bn

Global infrastructure investment manager I Squared Capital has struck a deal to sell renewables platform Grupo T-Solar to Cubico Sustainable Investments Ltd for a total enterprise value of EUR 1.5 billion (USD 1.82bn).

Grupo T-Solar has 274 MW of installed and regulated capacity along with a 1.4-GW solar project pipeline. More specifically, the group has a total of 47 operational plants representing 167 MW of solar photovoltaic (PV) and 100 MW of concentrated solar power (CSP) capacity in Spain, as well as 7 MW of solar PV in Italy. Last year alone, its plants produced more than 602 GWh of electricity.

The company has also recently finalised a EUR-568-million financing, one of the largest such transactions in the Spanish renewables market, through a green bond issue.

Cubico, which is jointly owned by Ontario Teachers’ Pension Plan and PSP Investments, said that this acquisition will increase its installed solar capacity in Spain to 440 MW. According to David Swindin, Head of EMEA at Cubico, it also makes the buyer “one of the largest independent owners of renewable energy projects in the Iberian Peninsula, with over 500 MW in operation.” Spain is now Cubico’s largest market by value.

I Squared Capital, meanwhile, has to date invested in about 600 MW of operating renewables and has a pipeline of nearly 3 GW of various technologies such as onshore and offshore wind, solar, storage and anaerobic digestion.

“Our objective during our stewardship of T- Solar was to improve operations, grow the platform and establish T-Solar as a leader in renewables energy in Spain. We will continue to invest globally in renewables generation as well as transition energy in both industrial and growth economies,” said Sadek Wahba, chairman of Grupo T-Solar and managing partner of I Squared Capital.

(EUR 1.0 = USD 1.215)

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