U.S. private equity firm I Squared Capital has agreed to acquire SUNfarming GmbH, a German solar project developer specializing in agrivoltaic installations, through its renewable energy platform Cube Green Energy.
The acquisition will bring Cube Green Energy into Germany's agrivoltaic sector, adding nearly 2 GW of SUNfarming's projects in the pipeline.
SUNfarming's founders and key management will retain a minority stake and continue in their current roles. With over 650 MW of installed photovoltaic capacity across Europe, SUNfarming will gain access to Cube Green Energy's resources, including EUR 500 million in planned investments by 2028 to support the company's GW-scale pipeline and Cube's global equipment procurement network.
“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, pending regulatory approval, is expected to close by the first quarter of 2025.
