Infrastructure investment management firm I Squared Capital has agreed to sell Grupo T-Solar to Cubico Sustainable Investments for a consideration of €1.5bn ($1.8bn).
Cubico is a renewable energy specialist, which is jointly owned by the Ontario Teachers’ Pension Plan and PSP Investments.
I Squared Capital London partner Mohamed El Gazzar said: “To date, we have invested in approximately 600MW of operating renewable assets and have a pipeline of close to 3GW of various technologies, including onshore and offshore wind, solar, storage, and anerobic digestion.
“We are also focusing on improving the energy efficiency of our assets across the sectors we invest in and providing solutions for the security of power, which is critical in addressing the intermittent nature of renewable generation.”
Grupo T-Solar, an independent solar power generation company, which currently has 274MW installed and regulated capacity in Spain and Italy. It also has a 1.4GW pipeline of solar photovoltaic (PV) projects.
Last year, Grupo T-Solar’s projects generated more than 602GWh of clean electricity and avoided over 216,000t of carbon emissions.
Grupo T-Solar chairman and I Squared Capital managing partner Sadek Wahba said: “Our objective during our stewardship of T-Solar was to improve operations, grow the platform and establish T-Solar as a leader in renewables energy in Spain.
“We will continue to invest globally in renewables generation as well as transition energy in both industrial and growth economies.”
In April, I Squared Capital closed the sale of its solar platform Chenya Energy in Taiwan to Japanese company Marubeni.
As a wholly owned subsidiary of Asia Cube Energy, Chenya Energy was engaged in solar development, construction and operating the platform in Taiwan.
Asia Cube Energy is a pan-Asian renewable portfolio company, which was established by I Squared Capital in 2017.