Cubico to Acquire European RE Platform Grupo T-Solar From I Squared Capital

I Squared Capital has an agreement to sell its European renewables platform Grupo T-Solar to Cubico Sustainable Investments Ltd

I Squared Capital, a leading global infrastructure investment manager, has announced that it has entered into an agreement to sell Grupo T-Solar to Cubico Sustainable Investments Ltd, the renewable energy specialist jointly owned by Ontario Teachers’ Pension Plan and PSP Investments, for a total enterprise value of EUR 1.5 billion.

“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,” said Sadek Wahba, Chairman of Grupo T-Solar and Managing Partner of I Squared Capital.

A leading European renewables platform, Grupo T-Solar has 274 megawatts of installed and regulated capacity in Spain and Italy with growth prospects underpinned by a 1.4-gigawatt pipeline of solar photovoltaic projects.

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Marta Martinez Queimadelos, CEO of T-Solar stated that, “Under I Squared Capital’s ownership, Grupo T-Solar grew from 168 to 274 megawatts of installed capacity in Europe, and recently completed one of the largest financings in the Spanish renewable energy market of €568 million through a landmark green bond issue.”

Last year alone, Grupo T-Solar’s projects generated over 602 gigawatt-hours of clean electricity and avoiding over 216,000 tons of CO2 emissions.

Mohamed El Gazzar, Partner of I Squared Capital in London stated, “To date we have invested in approximately 600 megawatts of operating renewable assets and have a pipeline of close to 3 gigawatts 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 security of power, which is critical in addressing the intermittent nature of renewable generation.”