Cubico and I Squared final bidders for T-Solar

Cubico and I Squared are the final bidders in the sale of Isolux's solar power subsidiary T-Solar, which was put up for sale nine months ago.

The two final biders has been selected from a total of four teams. The two other bidder were KKR and a team composed of  Bruc Capital and Cerberus, with Cerberus interested in T-Solar's Spanish assets.

According to sources, the offers worth approximately €130 million (US$143.1 million), which is far from Isolux's expectations. The firm, advised by Santander, expects to pocket €600 million to €700 million from the sale of T-Solar and the transmission assets.

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.

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.