Cubierta Solar is a company based in Valencia that has been operating since 2015 in the EPC sector of roof-top PV in south-east Spain (around 52 MW total installed capacity to date) for industrial and commercial customers.

The management has 15 years of experience in the sector.

Fund II entered the company in 2023 investing Euro 18 mln through capital increases owning a stake of the share capital equal to 100%

Sourcing and Investment Rationale

• Self-consumption market in Spain has been historically hampered by an unfavourable regulatory framework. Starting from 2018 (RD 15/2018 and RD 244/2019) new measures have been introduced to significantly improve outlook over the coming years so it was an attractive opportunity to take advantage of several tailwinds.
• High electricity prices in 2022 increased customer awareness about the relevance of power self-sufficiency.
• The purchase of Cubierta was negotiated on a fully bilateral basis.

Value Creation

• Pursuing a new commercial proposition, in addition to the EPC activity, to C&I clients focused on a PPA model implying a significant re-rating of the EBITDA quality, from volatile EPC business results to more stable and recurring cash flows backed by an asset portfolio owned by the company.
• Potential M&A transactions are being explored to capitalize on market consolidation and expand into adjacent markets

Progress Update

• Implemented strong governance frameworks and best practices.
• In Q2 2025 FIEE bought out the Company’s founder, and appointed a new CEO and CFO.
• We are continuing to streamline the operations to ensure we capture the tailwinds that the market will offer during the coming months.