ICG, the global alternative asset manager, announced that ICG Infra I (ICG Infra), its €1.5 billion ($1.56 billion) debut Infrastructure Fund, has acquired Dos Grados, a renewable platform located across Spain and Portugal.
The transaction represents the fund’s eighth deal and its fourth within the renewable energy sector.
Headquartered in Madrid, Dos Grados has a portfolio of 900 megawatts (MW) of renewable projects under development across Iberia, comprising four PV solar assets and two hybrid assets (solar and wind). The first project in Portugal, a 126MW solar photovoltaic plant, will start construction in early 2023, with the rest of the portfolio targeting ready-to-build dates between 2023 and 2024. The Dos Grados team has previously deployed €1.8 billion ($1.87 billion) of investment capital and constructed more than 1 gigawatt of electricity generation plants.
ICG Infra will work with the Dos Grados management team to build and operate the existing