Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has reached an agreement to acquire Grupo T-Solar, a solar power generation platform with assets across Spain and Italy, from I Squared Capital.

The platform, which comprises 47 operational assets with a capacity of 274 MW, includes 167 MW of solar PV and 100 MW of concentrated solar power across Spain, as well as 7 MW of solar PV in Italy. The platform also comes with a solar development pipeline of around 1.4 GW.

The total enterprise value of the business is approximately EUR 1.5 billion.

The acquisition will take Cubico’s installed solar capacity in Spain to 440 MW.

Cubico was supported by Clifford Chance (legal) and E&Y (tax).

David Swindin, Head of EMEA at Cubico, said: “This significant acquisition more than doubles our portfolio in Spain and makes us one of the largest independent owners of renewable energy projects in the Iberian Peninsula, with over 500 MW in operation.

“We were one of the first international investors to re-enter the Spanish market and now it has grown to be Cubico’s largest market by value. We continue to explore further opportunities in which we can use our core skill of operational excellence with a long-term ownership mindset and look forward to more success in the future.”

José Canales, Head of Iberia at Cubico, commented: “This transaction is a real testament to our unique blend of internal business development, operations, financial, commercial, technical and legal expertise.

“We are very proud to be adding such an important group of assets to our portfolio as we work towards meeting the renewable energy targets of Iberia and the rest of Europe.”