Spanish renewables investor Cubico Sustainable Investments Ltd. is set to finalise its acquisition of Spain-based independent power producer (IPP) Grupo T-Solar Global SA in a deal that puts EUR 1.5 billion (USD 1.82bn) enterprise value on the targeted company.
Cubico announced back in December that it had reached an agreement with private equity firm I Squared Capital, which owns Grupo T-Solar, to increase its installed solar capacity in Spain to 440 MW, and expand into Italy with 7 MW of new capacity.
The transaction was subject to regulatory approval from Spanish competition regulator CNMC, which this week posted a notice on its website saying it has given the go-ahead for Cubico and I Squared Capital to complete their deal through which Grupo T-Solar will be brought under Cubico’s ownership.
Grupo T-Solar comes with 274 MW of operational capacity — 167 MW of solar photovoltaic (PV) and 100 MW of concentrated solar power (CSP) plants in Spain, and 7 MW of solar PV in Italy. Its solar project pipeline is 1.4-GW strong, according