Investor Cubico completes T-Solar acquisition

Mar 31, 2021 04:05 PM ET
  • Renewables investor Cubico Sustainable Investments has finished its acquisition of a European 272MW solar energy platform called Grupo T-Solar from I Squared Capital.
Investor Cubico completes T-Solar acquisition
Image: Cubico

The platform comprises 47 operational possessions completing 267MW of solar capability in Spain, just over half of which (167MW) is solar PV setups, with the remaining being concentrated solar energy (CSP). It likewise consists of an added 7MW of solar PV in Italy, and a 1.4 GW advancement pipe.

David Swindin, head of EMEA at Cubico, stated that the procurement, which was valued at roughly EUR1.5 billion (US$ 1.76 billion) when it was first revealed last December, would certainly place Cubico as "among the leading renewables players in Iberia", adding that the company will "make the most of future chances" to increase its Spanish and also wider European companies. It has greater than doubled Cubico's Spanish solar portfolio, which now consists of more than 440MW of ability.

Cubico has actually additionally obtained a minority shareholding in US-based investor KKR through its purchase of Grupo T-Solar.

T-Solar safeguarded EUR567.8 million to re-finance 23 Spanish PV nuclear power plant completing 127MW last year, believed to be among the biggest fundings of the renewable resource market to date.

A variety of renewables investors have included Spanish nuclear power plant to their portfolios in recent months after its federal government approved a new structure for carrying out ability public auctions in a bit to get to 60GW of eco-friendly power generation by 2030. Earlier this week Renewable Power Capital (RPC) introduced a brand-new joint endeavor with Spanish PV designer Benbros Solar to create and also acquire 3.4 GW of solar PV in Spain, while Sonnedix, Endesa and Iberdrola have actually all set plans to own hundreds of megawatts of ability in the nation this month.

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