I-Squared Capital is to acquire Germany’s SUNfarming through Cube Green Energy
It plans to invest €500 million as capital expenditure into the company by 2028
It will help SUNfarming advance its close to 2 GW of agri-PV capacity in the pipeline
Germany-based agrisolar project developer and independent power producer (IPP), SUNfarming has secured the backing of one of the leading independent global infrastructure investment managers I-Squared Capital. It aims to deploy more than €500 million of capital expenditure by 2028 into the execution of SUNfarming’s pipeline.
Currently, the family-owned renewables developer SUNfarming has built over 650 MW of PV projects across Europe and has close to 2 GW of agri-PV capacity in the pipeline.
I-Squared has signed an agreement to acquire the German company that specializes in agrivoltaic (agri-PV) projects through its renewable energy platform Cube Green Energy, which is a Berlin-based IPP and renewables company. Cube upgrades existing onshore wind energy farms with battery storage solutions.
Cube sees this acquisition as bringing it an early-mover advantage in the German agri-PV market which is seen as a significant aspect for the country to meet its 215 GW solar energy target by 2030.
Both I-Squared and Cube will support SUNfarming in the planning, construction and operation of its 2 GW pipeline. SUNfarming is also working on the largest agri-PV project in all of Europe with France’s SPIE (see Europe’s Largest Agrivoltaic Project To Sport 753 MW Capacity).
“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 Cube Green Energy CEO Raghuveer Kurada.
SUNfarming Founder Peter Schrum sees the investment as giving it a tailwind to its development plans. Along with I-Squared’s financial support, the move also provides it access to global equipment procurement strategy and scale. The transaction is expected to close by Q1 2025.
I-Squared is already invested in several renewable energy companies, including Hexa Renewables, T-Solar, Berde Renewables, and Inkia Energy (see Inkia To Expand In Peru’s RE Market With More Than 3 GW In Pipeline).
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