Cubico Sustainable Investments has completed the acquisition of Grupo T-Solar, a 274MW solar platform with assets across Spain and Italy, from I Squared Capital.
Cubico has also acquired the minority shareholding of KKR in Grupo T-Solar’s Spanish photovoltaic assets.
The integration of the platform, which has a total enterprise value of approximately €1.5bn into Cubico’s existing Spanish business makes it one of the largest companies by value in the country’s renewables market.
The platform’s 47 operational assets include 167MW of solar PV and 100MW of concentrated solar power across Spain, as well as 7MW of solar PV in Italy.
This increases Cubico’s total operational renewables portfolio to more than 500MW in Spain and over 250MW in Italy.
Cubico said it intends to focus on creating value through the platform’s 1.4GW solar development pipeline.
Cubico EMEA head David Swindin said: “We are delighted to welcome Grupo T-Solar to Cubico.
“The combination of the two businesses will make Cubico Spain one of the leading renewables players in Iberia and has been very well received by the market.
“Cubico looks forward to taking advantage of future opportunities to expand in Spain and the rest of Europe.”
Following the acquisition, Marta Martinez, the CEO of Grupo T-Solar, will be leaving the company.
Jose Canales, Cubico’s Iberia head, added: “We would like to thank Marta for her dedication over the last 15 years and her incredible contribution to making the Grupo T-Solar platform what it is today. We wish her all the best for the future.”
