Cubico has agreed to acquire a 274MW solar platform with operational assets in Spain and Italy from I Squared Capital.

The Grupo TSolar platform comprises 47 operational assets that spans 167 MW of solar photovoltaic capacity and 100 MW of concentrated solar power across Spain, as well as 7MW of solar PV in Italy.

The platform also comes with a solar development pipeline of around 1.4GW.

The total enterprise value of the business is approximately €1.5bn.

The acquisition will take Cubico’s installed solar capacity in Spain to 440MW.

Cubico EMEA head David Swindin said: “This significant acquisition more than doubles our portfolio in Spain and makes us one of the largest independent owners of renewable energy projects in the Iberian Peninsula, with over 500MW in operation.

“We were one of the first international investors to re-enter the Spanish market and now it has grown to be Cubico’s largest market by value.

“We continue to explore further opportunities in which we can use our core skill of operational excellence with a long-term ownership mindset and look forward to more success in the future.”

Cubico Iberia head Joss Canales added: “This transaction is a real testament to our unique blend of internal business development, operations, financial, commercial, technical and legal expertise.

“We are very proud to be adding such an important group of assets to our portfolio as we work towards meeting the renewable energy targets of Iberia and the rest of Europe.”

Partner of I Squared Capital in London Mohamed El Gazzar said:“To date we have invested in approximately 600 megawatts of operating renewable assets and have a pipeline of close to 3GW of various technologies including onshore and offshore wind, solar, storage, and anerobic digestion.”