Key Takeaways:
- Cube Green Energy, a renewables platform under I Squared Capital, signed an agreement to acquire control of SUNfarming, a German PV developer specializing in Agri-PV.
- The acquisition aims to strengthen Cube Green Energy’s position in Germany’s Agri-PV sector, which integrates solar projects with agricultural land use.
- I Squared Capital plans to invest over €500 million by 2028 to support SUNfarming’s Agri-PV project pipeline.
- SUNfarming’s founders will retain a minority share and continue in their current roles.
- Financial details of the transaction were not disclosed, and completion is expected by Q1 2025, pending regulatory approval.
I Squared Capital, a global infrastructure investment manager, announced today that its renewables platform Cube Green Energy has reached an agreement to acquire a controlling interest in SUNfarming, a photovoltaic developer and independent power producer based in Germany. SUNfarming’s focus on Agri-PV, which combines solar energy generation with agricultural land use, aligns with Cube Green Energy’s objectives within the German energy market.
Strengthening Agri-PV Capabilities in Germany
SUNfarming, a family-owned company, has completed over 650 MW of photovoltaic projects across Europe and developed a pipeline nearing 2 GW of Agri-PV capacity. The company is involved in planning, construction, and asset management within the Agri-PV segment, which is seen as a significant part of Germany’s plans to expand renewable energy. Germany has set a goal of reaching 215 GW in photovoltaic capacity by 2030.
Financial and Operational Backing for SUNfarming
I Squared Capital intends to deploy more than €500 million to support SUNfarming’s project pipeline by 2028. This capital will be directed towards planning, constructing, and managing SUNfarming’s Agri-PV projects, with Cube Green Energy leveraging I Squared’s global procurement resources for project implementation.
According to I Squared, Agri-PV is anticipated to play a role in supporting Germany’s energy goals, and the partnership is expected to bring operational resources and financial investment to SUNfarming’s initiatives in this sector.
SUNfarming’s Founders to Retain Minority Stake
As part of the transaction, SUNfarming’s founding team will retain a minority shareholding and continue their roles in the company, providing continuity within the organization. The financial terms of the transaction were not disclosed, and completion is expected by Q1 2025, subject to regulatory approvals and standard conditions.
Through this acquisition, Cube Green Energy and I Squared Capital are expanding their renewable energy activities in Germany, focusing on Agri-PV as part of their broader renewables strategy.
