Asset manager ICG acquires 900MW Iberian platform
- Dos Grados has a portfolio of solar and also wind projects under growth in Spain and also Portugal
Alternative asset manager ICG has announced that its ICG Infra I fund has acquired Dos Grados, a leading renewable platform situated across Spain as well as Portugal.
The deal represents the EUR1.5 bn debut infrastructure fund's 8th deal as well as its 4th within the renewable energy industry.
Headquartered in Madrid, Spain, Dos Grados has a portfolio of 900MW of renewable projects under development throughout Iberia, consisting of four PV solar assets and also two hybrid assets (solar and also wind).
The initial project in Portugal, a 126MW solar photovoltaic plant, will start building in early 2023, with the rest of the portfolio targeting ready-to-build days between 2023 and also 2024.
The Dos Grados group has actually previously deployed EUR1.8 bn of investment capital as well as created more than 1GW of power generation plants.
ICG Infra will work with the Dos Grados management team to develop as well as operate the existing projects in the lasting, while continuing to sustain organic and also inorganic expansion across Spain as well as Portugal.
The procurement of Dos Grados is ICG's Infra initially purchase in Iberia, a market that take advantage of eye-catching lasting fundamentals with among the best renewable resources in Europe, supported by ambitious Net Zero targets.
ICG Infra successfully increased EUR1.5 bn in February 2022 as well as is presently greater than 75% released having additionally acquired British Solar Renewables (BSR) in July 2022 and Zeplug in September 2022.
Guillaume d'Engremont, head of framework at ICG, said: "Dos Grados is an outstanding renewable platform, well-aligned with the Fund's concentrate on sustainable facilities.
" We have actually recognized the management team for many years and also are delighted to be partnering with them as they build their current pipeline and also start new chances within the energy shift."
Dos Grados president Luis Palacios included: "We are delighted to partner with ICG Infra as we want to increase our advancement as well as increase our capacities in adjacent power transition markets.
" We are seeing more need than ever before for renewable energy resources, and also with the support of ICG Infra, we look forward to expanding our business with a partner that completely comprehends as well as is committed to moneying renewables with a long-term approach."