Isolux has commenced exclusive negotiations with I Squared for the sale of its solar power subsidiary T-Solar, which was put up for sale nine months ago. According to sources, the deal could be closed for approximately €120 million (US$131.6 million).
This announcement comes after last week Cubico and I Squared were announced as the final bidders from a total of four teams. The two other bidder were KKR and a team composed of Bruc Capital and Cerberus.
T-Solar, which has a total debt of €800 million (US$877.7 million), 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.