I Squared Capital’s renewables platform Cube Green Energy is acquiring a controlling stake in German solar developer firm SUNfarming.
As part of the deal, I Squared expects to deploy over €500m of capital expenditure into the execution of SUNfarming’s project pipeline by 2028.
SUNfarming is a photovoltaic (PV) solar developer and independent power producer that focuses on solar projects on agricultural land, a concept known as Agri-PV.
The German family-owned developer has built over 650MW of solar projects across Europe and has a 2GW Agri-PV pipeline.
Mohamed El Gazzar, senior partner at I Squared, said: “The expansion of renewable energies, and in particular solar energy, is an indispensable building block for achieving climate targets. As a German leader in Agri-PV, SUNfarming offers a win-win solution for climate and agriculture, which I Squared is delighted to support.
“We are excited to work with SUNfarming’s experienced management team to unlock the company’s full potential within the fast-growing renewable energy market in Germany.”
Raghuveer Kurada, CEO of Cube Green Energy, said: “Joining forces with SUNfarming presents Cube Green Energy with significant synergies in its existing onshore wind development business and neatly complements our strategy to implement innovative solutions for a future with 24/7 renewable energy.
“Cube Green Energy is delighted to have found a partner in SUNfarming that shares our values, and we look forward to working with such a highly successful and diversified renewables platform in Germany.”
Peter Schrum, founder of SUNfarming, said: “I Squared’s investment via Cube Green Energy gives further tailwind to SUNfarming’s dynamic development and underlines our strong position in the Agri-PV market.
“The deep market know-how as well as the financial strength of our new partner will help us to continue the success story of SUNfarming in the future.”
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