I Squared Capital has agreed to sell Grupo T-Solar to Cubico Sustainable Investments, a renewable energy specialist jointly owned by Ontario Teachers’ Pension Plan and PSP Investments. The deal values T-Solar at €1.5 billion ($1.8 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.
“Our objective during our stewardship of T- Solar was to improve operations, grow the platform and establish T-Solar as a leader in renewable energy in Spain,” said Sadek Wahba, chairman of Grupo T-Solar and managing partner of I Squared Capital. “We will continue to invest globally in renewables generation as well as transition energy in b
