FollowMunich Re AG (Munich, Germany) and Kohlberg Kravis Roberts & Company L.P. (KKR, New York, New York, U.S.) announced that they have partnered to acquire a 49% equity stake in the operating assets of Grupo T-Solar (Madrid, Spain), which includes 42 solar photovoltaic (PV) plants.
The plants are comprised of 34 PV plants in Spain and eight in Italy, totaling 168 MW of capacity. These assets will be housed in a new company called T-Solar Global Operation Assets, in which Grupo T-Solar will retain a 51% equity stake and provide management services.
“This alliance with highly qualified and experienced investors such as MEAG and KKR is very exciting for us as it enables us to expand our presence in the solar photovoltaic sector and consolidate our position as a leading operator in the renewable energy space,” states T-Solar CEO Juan Laso.
“The business plan of the group envisages an increase in its generation capacity from 168 MW to over 500 MW by 2014.”
T-Solar retains option to acquire PV plants it develops
Munich Re and KKR have also entered into an agreement with T-Solar that gives the company the option to acquire new PV plants that it develops once they are operational.
T-Solar notes that the timing of this transaction coincides with the restructuring of its concession business, wherein Grupo Isolux Corsán SA (Madrid, Spain) has taken over control of T-Solar.
KKR notes that the partnership represents its second significant European infrastructure investment in renewable energy in slightly more than one month.
Source: solarserver
