Cube Green Energy, a renewable platform of global infrastructure investment manager I Squared Capital, has agreed to acquire control of SUNfarming, a German Solar developer and independent power producer. The transaction remains subject to obtaining regulatory clearances and conditions and is expected to close by Q1 2025.
Through this acquisition, I Squared plans to deploy over €500 million (~$536 million) of capital to execute SUNfarming’s Agri-PV pipeline by 2028.
Founded in 2004, SUNfarming operates across various areas of photovoltaics, with a focus on biodiversity. The company is active in Germany and other European solar markets, with over 650 MW of PV developments and installations, and manages more than 250 MW of operating PV plants.
Raghuveer Kurada, CEO of Cube Green Energy, said: “Joining forces with SUNfarming presents Cube Green Energy with significant synergies in its existing onshore wind development business and neatly complements our strategy to implement innovative solutions for a future with 24/7 renewable energy. Cube Green Energy is delighted to have found a partner in SUNfarming that shares our values, and we look forward to working with such a highly successful and diversified renewables platform in Germany.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 62 solar M&A transactions were executed compared to 75 in 9M 2023.
In September, Solutions30, a provider of support services related to new digital technologies, announced the acquisition of Xperal. This company offers solar project design, engineering, procurement, commissioning, and maintenance services. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.
