I Squared Capital, a leading global infrastructure investment manager has entered into an agreement to sell Grupo T-Solar, a leading European renewables platform, to Cubico Sustainable Investments Limited. Cubico Sustainable Investments is the renewable energy specialist jointly owned by Ontario Teachers’ Pension Plan and PSP Investments. This entire transaction is worth €1.5 billion.
Grupo T-Solar has 274 MW of installed and regulated renewable power capacity in Spain and Italy with strong growth prospects supported by a 1.4 GW pipeline of solar PV projects. Last year alone, Grupo T-Solar’s projects generated over 602 GWh of clean electricity. Meanwhile, I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, digital infrastructure, transport and social infrastructure in the Americas, Europe and Asia. The firm has $19.3 billion in assets under management and owns and operates a diverse portfolio of 26 companies.
“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.
Marta Martinez Queimadelos, CEO of T-Solar stated that, “Under I Squared Capital’s ownership, Grupo T-Solar grew from 168 to 274 MW 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.”
Mohamed El Gazzar, Partner of I Squared Capital in London stated, “To date we have invested in approximately 600 MW of operating renewable assets and have a pipeline of close to 3 GW 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.”