Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has completed the acquisition of Grupo T-Solar, a 274 MW solar power generation platform with assets across Spain and Italy, from I Squared Capital.

The company has also  acquired  the minority shareholding of KKR in Grupo T-Solar’s Spanish PV assets.

The integration of the platform, which has a total enterprise value of approximately EUR 1.5 billion, into Cubico’s existing Spanish business makes it one of the largest companies by value in the country’s renewables market.

The platform’s 47 operational assets include 167 MW of solar PV and 100 MW of concentrated solar power across Spain, as well as 7 MW of solar PV in Italy. This increases Cubico’s total operational renewables portfolio to more than 500 MW in Spain and over 250 MW in Italy.

Moving forward, Cubico intends to focus on creating value through the platform’s 1.4 GW solar development pipeline.

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

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

Following the acquisition, Marta Martínez, CEO of Grupo T-Solar, will be leaving the company.

José Canales, Head of Iberia at Cubico, commented: “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.”