ICG Infra acquires Iberian renewable platform Dos Grados

• Dos Grados has a portfolio of 900MW of renewable projects under development across Iberia
• ICG Infra will work with the Dos Grados management team to build and operate the existing projects in the long-term
• The transaction is the ICG Infra I fund’s eighth deal and its fourth within the renewable energy sector

ICG announced that ICG Infra I, its debut €1.5 billion infrastructure fund, has acquired Dos Grados, a renewable platform located across Spain and Portugal. The transaction is the fund’s eighth deal and its fourth within the renewable energy sector.

Madrid-based Dos Grados has a portfolio of 900MW 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.

ICG, headquartered in London, will work with the Dos Grados management team to build and operate the existing projects in the long term. ICG Infra will also support organic and inorganic expansion across Spain and Portugal. The acquisition of Dos Grados is ICG’s Infra first in Iberia.

“Dos Grados is an impressive renewable platform, well-aligned with the fund’s focus on sustainable infrastructure,” said Guillaume d’Engremont, head of infrastructure at ICG. “We’ve known the management team for many years and are delighted to be partnering with them as they construct their existing pipeline and embark on new opportunities within the energy transition.”