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I Squared Sells Grupo T-Solar to Cubico for $1.8 Billion

  • T-Solar has 274 megawatts of solar capacity in Spain and Italy
  • Cubico is partly-owned by Ontario Teachers’ Pension Plan
Photovoltaic Cells
Photographer: Andrey Rudakov/Bloomberg

Infrastructure investment manager I Squared Capital has agreed to sell Grupo T-Solar to Cubico Sustainable Investments Ltd. for 1.5 billion euros ($1.8 billion).

T-Solar has 274 megawatts of installed and regulated solar power capacity in Spain and Italy, according to an emailed statement from I Squared. The internal rate of return for the deal was over 40%.