Canadian-Pension Backed Cubico Sustainable Investments Buys Grupo T-Solar
Posted on 12/15/2020
Cubico Sustainable Investments Ltd, a London-based portfolio company of Ontario Teachers’ Pension Plan and PSP Investments, agreed to buy European solar energy platform Grupo T-Solar Global, S.A. from I Squared Capital for US$ 1.8 billion. The enterprise value for the transaction was €1.5 billion. Grupo T-Solar has 274 megawatts of installed and regulated capacity in Spain and Italy with growth prospects underpinned by a 1.4-gigawatt pipeline of solar photovoltaic projects. Under I Squared Capital’s ownership, Grupo T-Solar grew from 168 to 274 megawatts of installed capacity in Europe, and recently completed one of the largest financings in the Spanish renewable energy market of €568 million through a green bond issue.