Kohlberg Kravis Roberts (KKR) and Munich Re have associated together to buy 49% equity shares in the present functional assets of Grupo T-Solar.
The transaction was announced by Grupo T-Solar, a solar PV power generating company, Munich Re, an insurance group represented by MEAG its asset management business and KKR, a global investment company. Grupo T-Solar has spent nearly €1,073m as capital expenditure to develop the exchanged assets. Munich Re has made this investment under its new ‘RENT (Renewable Energy and New Technologies)investment program.
The acquired assets consist of a broad selection of 42 solar photovoltaic plants placed in Italy (8 plants) and Spain (34 plants) with a total installed capacity of 168 MW and an annual power generation capability of 250 GWh. The acquired assets will be placed under a new company known as T-Solar Global Operating Assets for which Grupo T-Solar will continue to offer management services by retaining 51% stake in the company. KKR and MEAG have also contracted an accord with Grupo T-Solar to have the choice of buying new solar developments undertaken by Grupo T-Solar once they become fully functional.
The timing of the new accord concurs with Grupo T-Solar’s attempt to reconstitute is concession business, which enabled Isolux Corsán, a multi-national group focused on concessions and building of major construction projects, to take control of Grupo T-Solar. Isolux is currently focused to bring in all its concession assets, which include its current holding in Grupo T-Solar, under the fold of a new company called, Isolux Infrastructure.