Cubico Sustainable Investments, a global renewables investment company owned by Canadian pension funds, is to acquire Grupo TSolar from I Squared Capital.

Grupo TSolar has a total enterprise value of about €1.5bn, and operates 47 solar-power facilities in Spain and Italy, as well as a pipeline of development projects.

As a result of the transaction, Cubico, founded in 2015 by Ontario Teachers’ Pension Plan and PSP Investments, will expand its solar capacity in Spain to 440MW. 

David Swindin, head of EMEA at Cubico, 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.”