KKR, Munich Re acquire stake in Spain’s Grupo T-Solar
18 Jul 2011
Private equity firm Kohlberg Kravis Roberts (KKR) and German reinsurer, Munich Re have teamed up to acquire a 49-per cent stake in the operating assets of Grupo T-Solar, Europe's largest solar photovoltaic (PV) power generator.
Madrid, Spain-based Grupo T-Solar has invested €1,073 million (approximately Rs6,762 crore/ $1.51 billion) in 42 solar PV plants in Spain and Italy with total installed capacity of 168 MW.
Of the 42 solar PV plants, 34 are located in Spain and 8 in Italy with aggregate installed capacity of 168 MW and a generation capacity of over 250 GWh per year of clean energy.
These assets will be housed in a new company named T-Solar Global Operating Assets in which, Grupo T-Solar will retain a 51 per cent stake and provide management services.
Munich Re and KKR have also entered into an agreement with Grupo T-Solar for an option to acquire new solar plants developed by Grupo T-Solar once they are fully operational.
''T-Solar's mission is to harness the sun's power to generate clean electricity using photovoltaic technology. We started in 2006 and have grown into the largest European PV power generator. The business plan of the group envisages an increase in its generation capacity from 168 MW to over 500 MW by 2014,'' said Juan Laso, CEO of T-Solar.
