Insurance group Munich Re, through its asset management division MEAG, and investment firm Kohlberg, Kravis Roberts & Co. (KKR), partnered up to buy a 49% equity stake in the existing operating assets of Grupo T-Solar, which holds a total capex to date for the assets of 1.073 million. In the acquisition, MEAG and KKR obtained 34 PV plants located in Spain and 8 PV plants located in Italy, which were stated to hold a collective installed capacity of 168MW and a generation capacity of more than 250GWh per year.

Commenting on the partnership, Juan Laso, T-Solar CEO said, “...The business plan of the group envisages an increase in its generation capacity from 168MW to over 500MW by 2014”. As a side note, a representative for T-Solar earlier confirmed to PV-Tech that the company currently has a 50MW production capacity at its Orense, Spain facility with plans to raise capacity to 66MW by the end of this year.

The assets bought by MEAG and KKR will be contained under a new company named T-Solar Global Operating Assets with Grupo T-Solar continuing to hold a 51% equity stake while providing management services. Additionally, MEAG and KKR came to an agreement with T-Solar Global, which allows it to buy new solar plants developed by Grupo T-Solar once they are in full operation.

The investment was completed under Munich Re’s Renewable Energy and New Technologies (RENT) program at a time where Grupo T-Solar was restructuring its concession business. “KKR is continuing to develop its infrastructure platform, and we see renewable energy as one of the most promising areas of infrastructure. We also believe that the Spanish renewables sector is currently an attractive investment destination. T-Solar’s plant portfolio comprises core infrastructure assets providing stable and long-term cash flow visibility as well as offering significant growth potential…,” said Jesus Olmos, the European head of KKR’s infrastructure business.