30 June 2021
Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has completed the acquisition of the remaining minority shareholding of Grupo T-Solar from MEAG.
This acquisition makes Cubico the sole owner of the entire Grupo T-Solar platform, which comprises 274 MW of operational assets and a significant development pipeline across Spain and Italy.
The platform’s 47 operational assets include 167 MW of solar PV and 100 MW of concentrated solar power (CSP) across Spain, as well as 7 MW of solar PV in Italy.
Following this latest acquisition, Cubico’s total operational capacity in Iberia increases to 542 MW, comprising a diversified portfolio of wind, solar PV and CSP assets.
David Swindin, Head of EMEA at Cubico, said: “The acquisition of the remaining equity stake from MEAG is in line with our original investment strategy to acquire 100% of the platform and will enable us the flexibility to optimise the portfolio.
“The wider acquisition aligns with our strategy to grow the business via projects which deliver stable, high-quality cash flows to our shareholders over the long-term.”
José Canales, Head of Iberia at Cubico, commented: “We are very pleased to have advanced our position as one of the key players in Iberia’s renewables sector.
“We have one of the largest portfolios of solar projects benefiting from the previous regulatory regime, which will both grant Cubico highly contracted revenues and increase its EBITDA to more than EUR 250 million in the Iberian Peninsula.”