Bidders line-up for Spain’s T-Solar

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Bidders line-up for Spain’s T-Solar

Several investment firms and strategic buyers are interested in the sale of Isolux's solar power subsidiary T-Solar, which was put up for sale seven months ago.

The companies interested in the solar firm are, among others, the following:

  • Cerberus Capital Management, a private investment firm based in New York City with affiliate and advisory offices across the United States, Europe and Asia. 
  • Fortum, a Finnish energy company which operates power plants, including co-generation plants, and generates and sells electricity, heat and steam.
  • Bruc Capital, the new infrastructure investment vehicle led by Spanish executives Juan Bejar, Eugenio Galdón and Joaquin Coronado, and supported by George Soros

T-Solar has photovoltaic power plants with a combined capacity of 326 MW in eight countries, most of the plants are located in Spain (160 MW). The company has also assets in other seven countries including Italy, Peru, USA and India.

Isolux, advised by Santander, expects to pocket €600 million to €700 million from the sale of T-Solar and the transmission assets.

Corpfin, KKR and MunichRe also hold different stakes in assets owned by T-Solar, what makes the deal more complex as they could exercise rights to buy the assets if a sale process activates.

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