UK-based renewable energy investor Cubico Sustainable Investments has acquired a 274MW solar power generation company from private equity firm I Squared Capital.

In December, I Squared Capital agreed to sell Grupo T-Solar to Cubico for a consideration of €1.5bn ($1.8bn).

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Cubico has also acquired the minority shareholding of investment company KKR in Grupo T-Solar’s photovoltaic (PV) assets in Spain.

Grupo T-Solar’s operational assets include 167MW of solar PV assets and 100MW of concentrated solar power across Spain, as well as 7MW of solar PV in Italy.

The addition of Grupo T-Solar into Cubico’s existing Spanish business makes it one of the most valuable companies in the country’s renewables market.

The deal will enhance the company’s operational renewables portfolio in Spain to more than 500MW and more than 250MW in Italy.

Cubico EMEA head David Swindin said: “We are delighted to welcome Grupo T-Solar to our portfolio. The combination of our two businesses will make Cubico Spain one of the leading renewables players in Iberia and has been very well received by the market.

“We look forward to taking advantage of future opportunities to expand in Spain and the rest of Europe.”

Grupo T-Solar CEO Marta Martínez is due to leave the company after the acquisition.

Cubico Iberia head José Canales said: “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.”