I Squared to take control of German agrivoltaic specialist SUNfarming

I Squared to take control of German agrivoltaic specialist SUNfarming Image by: SUNfarming GmbH.

US private equity firm I Squared Capital has agreed to acquire SUNfarming GmbH, a German solar project developer and power producer focused on agrivoltaic installations and holding almost 2 GW of projects in the pipeline.

The purchase is being made by renewables platform Cube Green Energy and will give it access to Germany’s agrivoltaic market, I Squared Capital said on Thursday.

The value of the deal was not disclosed. SUNfarming’s founders and key management will retain a significant minority shareholding and will keep their existing roles in the company.

SUNfarming has installed more than 650 MW of PV capacity across Europe. By combining its strength with Cube Green Energy, it will receive support for the planning, construction and operation of its GW-scale pipeline, the buyer said. Its plan is to pour more than EUR 500 million into the execution of SUNfarming's agrivoltaic pipeline by 2028 and give it access to its global equipment procurement strategy.

"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,” said Raghuveer Kurada, CEO of Cube Green Energy.

The transaction is pending regulatory clearance and is expected to be finalised by the first quarter of 2025.

Choose your newsletter by Renewables Now. Join for free!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For more than a decade she has been keeping track of the renewable energy industry's development.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription