Global alternative asset manager ICG has acquired a leading Iberian renewable energy platform on behalf of its debut infrastructure fund.

The manager has invested an undisclosed sum on behalf of ICG Infra I to buy Dos Grados, an owner of renewable energy projects in Spain and Portugal.

Dos Grados has a portfolio of 900MW of renewable projects under development, comprising four photovoltaic 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 expected to begin between 2023 and 2024.

The Dos Grados team has previously deployed €1.8bn of investment capital and constructed more than 1GW of electricity generation plants.

The acquisition is ICG Infra I’s eighth deal and its fourth within the renewable energy sector.

ICG Infra I, which raised €1.5bn during the first quarter of the year, is currently more than 75% deployed, the manager said.

Guillaume d’Engremont, the head of infrastructure at ICG, said: “Dos Grados is an impressive renewable platform, well-aligned with the Fund’s focus on sustainable infrastructure.

“We’ve known the management team for many years and are delighted to be partnering with them as they construct their existing pipeline and embark on new opportunities within the energy transition.”

Luis Palacios, CEO at Dos Grados, said: “We are delighted to partner with ICG Infra as we look to accelerate our development and expand our capabilities in adjacent energy transition sectors.

“We are seeing more demand than ever for renewable energy sources, and with the support of ICG Infra, we look forward to growing our business with a partner that fully understands and is committed to funding renewables with a long-term approach.”

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