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March 31, 2021

Cubico acquires Grupo T-Solar from I Squared Capital

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

By Umesh Ellichipuram

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

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

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.”

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
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