ICG Infra buys platform with 900 MW of Iberian wind, solar projects

London-based alternative asset manager ICG Plc (LON:ICP) said on Wednesday that its ICG Infra I fund had acquired an Iberian renewables platform with a portfolio of 900 MW of projects in Spain and Portugal.

The Dos Grados platform has four solar PV and two wind-and-solar hybrid projects under development across the Iberian Peninsula. The first to be realised is a 126-MW solar PV plant project in Portugal, which Dos Grados will start building in early 2023.

The rest of the portfolio should achieve the ready-to-build status between 2023 and 2024, ICG said.

ICG Infra I acquired Dos Grados for an undisclosed amount. It was the first acquisition in Iberia for the EUR-1.5-billion (USD 1.56bn) infrastructure fund.

The Madrid-based platform is said to have deployed EUR 1.8 billion of investment capital and built over 1 GW of power generation plants, according to the announcement. Going forward, ICG Infra will work with Dos Grados to build and operate the existing projects in the long-term, while continuing to support organic and inorganic expansion across Spain and Portugal, the asset management firm said.

(EUR 1.0 = USD 1.042)

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