Grupo T-Solar, founded in 2006, established itself as a significant independent power producer and asset manager in the renewable energy sector, primarily focusing on solar power. The company’s core B2B revolves around the development, financing, construction management, and operation of solar power plants, utilizing both photovoltaic (PV) and concentrated solar power (CSP) technologies. Its operational footprint was geographically diverse, with a strong presence in Spain and Italy, and at times included assets in India, Peru, the USA, and Japan.
The company’s B2B model is centered on generating stable, long-term revenue through the sale of clean electricity produced by its portfolio of power plants. These assets operate under regulatory frameworks that often provide a regulated return, ensuring a degree of cash flow stability. Historically, Grupo T-Solar engaged in strategic acquisitions to expand its portfolio, such as the 2018 purchase of two 50-MW CSP plants in Spain, which incorporated a different solar technology into its asset base.
The company also managed divestments, as seen with its assets in Japan and the US, to refocus on its core European market. In a landmark transition for the company, Cubico Sustainable Investments, a global investor in renewable energy, acquired Grupo T-Solar from I Squared Capital in a deal completed in March 2021. The acquisition, valued at an enterprise level of approximately EUR 1.5 billion, included T-Solar’s 47 operational assets totaling 274 MW across Spain and Italy. Specifically, this portfolio comprised 167 MW of solar PV and 100 MW of CSP in Spain, plus 7 MW of solar PV in Italy.
The transaction also encompassed a substantial 1.4 GW solar development pipeline, signaling future growth potential under the new ownership. Following the initial acquisition, Cubico moved to become the sole owner of the platform by acquiring the remaining minority shareholdings from KKR and MEAG. Keywords: solar power producer, independent power producer, renewable energy assets, solar PV, concentrated solar power, CSP, photovoltaic, power generation, asset management, energy infrastructure, renewable project financing, utility-scale solar, Spain renewables, Italy solar market, power plant operations, clean energy, Cubico Sustainable Investments, I Squared Capital, solar development pipeline