The deal makes Cubico the sole owner of the entire Grupo T-Solar platform, which comprises 274MW of operational assets and a significant development pipeline across Spain and Italy.
The platform’s 47 operational assets include 167MW of solar PV and 100MW of concentrated solar power (CSP) across Spain, as well as 7MW of solar PV in Italy.
Following this latest acquisition, Cubico’s total operational capacity in Iberia increases to 542MW, comprising a diversified portfolio of wind, solar PV and CSP assets.
Cubico head of EMEA David Swindin said: “The acquisition of the remaining equity stake from MEAG is in line with our original investment strategy to acquire 100% of the platform and will enable us the flexibility to optimise the portfolio.
“The wider acquisition aligns with our strategy to grow the business via projects which deliver stable, high-quality cash flows to our shareholders over the long-term.”
Cubico head of Iberia José Canales added: “We are very pleased to have advanced our position as one of the key players in Iberia’s renewables sector.
“We have one of the largest portfolios of solar projects benefiting from the previous regulatory regime, which will both grant Cubico highly contracted revenues and increase its EBITDA to more than €250m in the Iberian Peninsula.”