ICG Infra Acquires leading Iberian Renewable Platform, Dos Grados

"We’ve known the management team for many years and are delighted to be partnering with them," says Guillaume D’Engremont, Head of Infrastructure at ICG

ICG, the global alternative asset manager, today announced that ICG Infra I (“ICG Infra”), its €1.5bn debut Infrastructure Fund, has acquired Dos Grados, a leading renewable platform located across Spain and Portugal. The transaction represents the Fund’s eighth deal and its fourth within the renewable energy sector.

Headquartered in Madrid, Spain, Dos Grados has a portfolio of 900 MW of renewable projects under development across Iberia, comprising four PV solar assets and two hybrid assets (solar and wind). The first project in Portugal, a 126MW solar photovoltaic plant, will start construction in early 2023, with the rest of the portfolio targeting ready-to-build dates between 2023 and 2024. The Dos Grados team has previously deployed €1.8bn of investment capital and constructed more than 1GW of electricity generation plants.

ICG Infra will work with the Dos Grados management team to build and operate the existing projects in the long-term, whilst continuing to support organic and inorganic expansion across Spain and Portugal. The acquisition of Dos Grados is ICG’s Infra first acquisition in Iberia, a market that benefits from attractive long-term fundamentals with one of the best renewable resources in Europe, supported by ambitious Net Zero targets.

ICG Infra successfully raised €1.5bn in February 2022 and is currently more than 75% deployed having also acquired British Solar Renewables (“BSR”) in July 2022 and Zeplug in September 2022.