ICG, the global alternative asset manager, today announced that ICG Infra I (“ICG Infra”), its €1.5bn debut Infrastructure Fund, has acquired Dos Grados, a leading renewable platform located across Spain and Portugal. The transaction represents the Fund’s eighth deal and its fourth within the renewable energy sector.
Headquartered in Madrid, Spain, Dos Grados has a portfolio of 900 MW of renewable projects under development across Iberia, comprising four PV solar assets and two hybrid assets (solar and wind). The first project in Portugal, a 126MW solar photovoltaic plant, will start construction in early 2023, with the rest of the portfolio targeting ready-to-build dates between 2023 and 2024. The Dos Grados team has previously deployed €1.8bn of investment capital and constructed more than 1GW of electricity generation plants.
ICG Infra will work with the Dos Grados management team to build and operate the existing projects in the long-term, whilst continuing to support organic and inorganic expansion across Spain and Portugal. The acquisition of Dos Grados is ICG’s Infra first acquisition in Iberia, a market that benefits from attractive long-term fundamentals with one of the best renewable resources in Europe, supported by ambitious Net Zero targets.
Guillaume d’Engremont, Head of Infrastructure at ICG, commented:
Luis Palacios, CEO at Dos Grados commented:
We are delighted to partner with ICG Infra as we look to accelerate our development and expand our capabilities in adjacent energy transition sectors. We are seeing more demand than ever for renewable energy sources, and with the support of ICG Infra, we look forward to growing our business with a partner that fully understands and is committed to funding renewables with a long-term approach.
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About Dos Grados
We are a platform specialized in sustainable real assets. Dos Grados has developed a proprietary portfolio of electricity generation projects with renewable technologies, mainly wind and solar PV with an aggregated capacity of 900 MW in Spain and Portugal.
Dos Grados strategically aims to hold the assets it develops long-term and is looking to grow into adjacent energy transition sectors like hydrogen or energy storage.
We care about the creation of environmental and social value for the local communities where our projects are developed. Dos Grados takes care not only on ensuring the profitability of its projects, but also about the quality of the wealth created. Thus, Dos Grados’ investments are focused on real assets that are environmentally and socially sustainable.
ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years’ history, managing $71bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.