Cubierta Solar increases its share capital by 16 million euros with the entry of FIEE

This injection of capital, together with the entry of an industrial shareholder, will enable the company to embark on a Strategic Plan valued at 150 million euros over the next five years

Cubierta Solar, a company based in Benidorm, Spain, and specialised in the installation of photovoltaic self-consumption projects and batteries in the industrial and business sector, has increased its share capital in a deal involving an injection of 16 million euros and the entry in its shareholding structure of IEEF II, FIEE’s second energy transition fund launched in 2020, with extensive experience in energy efficiency, renewables, electrification of energy consumption and energy communities.

FIEE’s contribution of capital and expertise will enable Cubierta Solar to take a qualitative leap in the renewables market and jump-start the implementation of  its Strategic Plan valued at over 150 million euros over the next five years.

Luis Navarro Buciega, founder of Cubierta Solar and the company’s new CEO, has expressed his satisfaction with this transaction which “enhances the robustness of the Cubierta Solar project, thanks to the presence and active participation of FIEE,” adding that “We have dedicated two years to the search for an industrial partner with experience in renewables to accompany us in our growth project. We especially sought a partner that would provide experience in the renewable energy sector and help us implement our Strategic Plan.”

This plan paves the way to growth and expansion by the company, leading to its consolidation on the national and international market for industrial self-consumption and the installation of high-capacity lithium iron phosphate batteries.

Navarro has explained that the company will be led by a new Board of Directors to allow the incorporation of representatives of FIEE and with Fernando Cerezuela as General Manager.

Raffaele Mellone and Andrea Marano, co-founders and managing partners of FIEE have stated that this alliance with Cubierta Solar has “a very strategic importance for us, as it represents our first investment in Spain and will allow us to replicate in this country a business model which has already been executed through other FIEE portfolio companies in Italy”, adding that “the market of distributed solar PV for self-consumption is one of the fastest growing segments of the energy transition, especially in Spain which is lagging behind other European countries.”

Cubierta Solar®

Cubierta Solar® has more than 10 years’ experience in the industrial self-consumption sector, with over 75 MWp of installed capacity in its 200+ self-consumption photovoltaic rooftop and solar farm projects and over 9 MWh in LFP battery projects. Through its network of offices in Spain, Cubierta Solar can undertake all kinds of projects on any scale.

The company has reinvented itself, creating a new solution based on photovoltaic self-consumption and industrial batteries, offering renewable and very economic energy uninterruptedly from 8 a.m. to 10 p.m. throughout the year, with considerable savings of 80% in the cost per kWh in non-solar hours. Furthermore, Cubierta Solar has its own PPA (Power Purchase Agreement or Pay per Use) that does not require an initial payment or investment by the customer.

FIEE

With c. €400 million AUM and entirely owned by its own management, FIEE is a pan-European equity platform dedicated to financing energy transition projects in partnership with energy services and renewables companies, with an attractive return on investment and low volatility. FIEE is a pioneer in energy transition, having launched its first dedicated fund in 2016, and operates on behalf of some large institutional investors, including the European Investment Bank.