Investor Cubico completes T-Solar acquisition

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Image: Cubico

Renewables investor Cubico Sustainable Investments has completed its acquisition of a European 272MW solar power platform called Grupo T-Solar from I Squared Capital.

The platform comprises 47 operational assets totalling 267MW of solar capacity in Spain, just over half of which (167MW) is solar PV installations, with the remaining being concentrated solar power (CSP). It also includes an additional 7MW of solar PV in Italy, and a 1.4GW development pipeline.

David Swindin, head of EMEA at Cubico, said that the acquisition, which was valued at roughly €1.5 billion (US$1.76 billion) when it was first announced last December, would position Cubico as  “one of the leading renewables players in Iberia”, adding that the company will “take advantage of future opportunities” to expand its Spanish and wider European businesses. It has more than doubled Cubico’s Spanish solar portfolio, which now includes more than 440MW of capacity.

Cubico has also acquired a minority shareholding in US-based investor KKR through its purchase of Grupo T-Solar.

T-Solar secured €567.8 million to refinance 23 Spanish PV power plants totalling 127MW last year, thought to be among the largest financings of the renewable energy market to date.

A number of renewables investors have added Spanish power plants to their portfolios in recent months after its government approved a new framework for carrying out capacity auctions in a bit to reach 60GW of renewable power generation by 2030. Earlier this week Renewable Power Capital (RPC) launched a new joint venture with Spanish PV developer Benbros Solar to develop and acquire 3.4GW of solar PV in Spain, while Sonnedix, Endesa and Iberdrola have all laid down plans to own hundreds of megawatts of capacity in the country this month.

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