Cubico Sustainable Investment, the fund of Canadian groups PSP and Ontario Teachers, has closed the purchase of KKR’s minority stake in T-Solar in Spanish photovoltaic assets. With this operation, the group closes the acquisition of the company and takes full control in a transaction in which 1.5 billion euros have been disbursed. Cubico reached an agreement with I Squared Capital to take the majority stake on December 15, 2020.
The integration of the platform, which has a total business value of approximately 1.5 billion euros, into Cubico’s existing Spanish business makes it one of the largest companies by value in the country’s renewable energy market. The platform’s 47 operating assets include 167 MW of solar photovoltaic projects and 100 MW of concentrated solar projects across Spain, and 7 MW of solar photovoltaic projects across Italy. This increases Cubico’s total operating renewables portfolio to more than 500 MW in Spain and more than 250 MW in Italy. The current chief executive officer of T- Solar, Marta Martínez Queimadelos, has left the company to join the board of directors of Cube Renewables Iberia.
Commenting on the development, José Canales, head of Iberia at Cubico, said, “We want to thank Marta for her dedication over the last 15 years and her incredible contribution to making the T-Solar Group platform what it is today. We wish you all the best for the future.”