Munich Re and Kohlberg Kravis Roberts & Co. L.P. have partnered to acquire a 49 percent equity stake in the existing operating assets of Grupo T-Solar, said to be the largest European solar photovoltaic power generator.
Munich Re acquired 37 percent of the assets of a portfolio of 34 PV plants in Spain and eight in Italy. KKR bought 12 percent of the portfolio.
Grupo T-Solar remained as majority shareholder, owning 51 percent of the assets, and will still provide the management services over the solar parks.
The companies said Grupo T-Solar’s total capital expenditure on the solar projects concerned so far stand at 1.073 billion euros ($1.521 billion).
The total installed capacity of the 42 PV parks is summed at 168 megawatts, with a generating capacity of 250 gigawatt-hours annually.
The assets will be housed in a new company named T-Solar Global Operating Assets. Munich Re, through its asset management arm MEAG, and KKR have also entered into an agreement with Grupo T-Solar that gives T-Solar Global the option to acquire new solar plants developed by Grupo T-Solar once they are fully operational.
“The business plan of the group envisages an increase in its generation capacity from 168 MW to over 500 MW by 2014,” T-Solar’s chief executive Juan Laso said.
“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,” Mr. Laso added.
