Investors

ESG stands for Environmental, Social, and Governance.

Environmental: CO₂ reduction, energy efficiency, renewable energy.
Social: fair working conditions, safety, diversity.
Governance: transparency, compliance, ethics.

At Cube Green Energy, ESG is at the heart of everything we do. Since our integration with SUNfarming in January 2025, we have been combining our strengths to advance innovative onshore wind and Agri-PV solutions. SUNfarming brings decades of experience in the development and implementation of photovoltaic and Agri-PV projects – expertise that enables us to make even more efficient use of Europe’s limited land resources.

By repowering ageing wind farms and enabling dual land use through Agri-PV, we not only increase the production of clean energy but also strengthen local agriculture while improving food and energy security.

These nominations recognise our joint impact in environmental protection, social responsibility and exemplary corporate governance – all central to our mission of building a cleaner and smarter energy future.

The awards ceremony will take place in early October, and we look forward to celebrating alongside other changemakers from across the industry.

Congratulations to all other nominated organisations – and a big thank you to IJGlobal for this recognition!

New Chapter: SUNfarming Joins Cube Green Energy Group
Since early 2025, SUNfarming, the market leader in Germany in the development of Agri-PV projects, has been part of the Cube Green Energy Group, a leading developer in the European renewable energy landscape with a successful history in the development and operation of Onshore Wind farms and BESS. Together, we are able to deliver renewable energy projects across all technologies with a single vision - to provide 24/7 renewable energy solutions that power communities and businesses around the clock, without relying on fossil fuels.
“Becoming part of the Cube Green Energy Group marks a strategic milestone for SUNfarming. It enables us to drive the energy transition with a cross-sector approach and further enhance our capabilities to execute on our extensive Agri-PV pipeline. We continue to see tremendous potential in Agri-PV to intelligently combine sustainable farming with renewable energy production.” – Martin Tauschke, Managing Director, SUNfarming GmbH

More Innovative. More Sustainable. More Integrated.
SUNfarming is also evolving – with a sharper focus on Agri-PV solutions that enable dual-use of land to generate green electricity whilst preserving local farming and protecting the food supply chain.

Agri-PV empowers farmers to harvest both energy and crops from the same land, diversifying their revenue streams while supporting local agricultural businesses.

At Intersolar, we are showcasing how Agri-PV is powering the Energy Transition whilst addressing the challenges of land scarcity and innovating local farming practices:
• Agri-PV systems for animal husbandry: Innovative installations designed to support animal welfare while generating clean energy.
• Protection for specialty crops: PV systems that shield orchards, vineyards, and vegetable cultivation from extreme weather – climate resilience in action.
• Hybrid concepts with battery storage: Modular and efficient solutions that enhance energy independence and farm profitability.

Strong Interest from the Agricultural Sector
The first day of the exhibition was a resounding success:
We’ve had insightful and high-level conversations with experts across the solar and wind sectors. Especially promising is the growing interest from farmers, who recognise the immense potential of Agri-PV to maximise their revenue stream whilst preserving – and even improving! - food production.

Join us at Intersolar Europe until May 9 in Hall A4, Booth 130 – we look forward to connecting with you!

Press release, Miami and Berlin, November 7, 2024 – I Squared Capital, a leading independent global infrastructure investment manager, announced today that its renewables platform Cube Green Energy has signed an agreement to acquire control of SUNfarming, a leading German photovoltaic (PV) developer and independent power producer with a focus on solar projects on agricultural land, known as “Agri-PV”. By joining forces with the founders of SUNfarming, Cube Green Energy will have an early-mover advantage in Germany’s Agri-PV market, unlocking synergies and advancing the company’s commitment to innovative solutions for Germany’s energy transition goals.

Agri-PV is an important segment in the German energy market as the country seeks to transition towards a fully decarbonized power system while ensuring a more independent, affordable, and resilient domestic energy supply. Agri-PV will also help Germany meet its PV capacity target of 215 GW by 2030 while preserving agricultural production.

SUNfarming is a German family-owned renewables developer which has built more than 650 MW of PV projects across Europe and developed a pipeline of close to 2 GW of Agri-PV capacity. The company is a market leader in the high-growth Agri-PV segment in Germany with expertise across the PV value chain from planning and construction to operational asset management. SUNfarming’s founding families trace their roots to the German farming sector resulting in deep and trusted relationships with farmers and local municipalities.

Through the combination, I Squared and Cube Green Energy will support SUNfarming in planning, constructing, and operating its ambitious pipeline. I Squared is targeting to deploy over €500 million of capital expenditure into the execution of SUNfarming’s Agri-PV pipeline by 2028, which will also provide the company with access to I-Squared’s global equipment procurement strategy and scale. Since 2014, I Squared has committed $7 billion to wider energy transition initiatives.

Mohamed El Gazzar, Senior Partner at I Squared, said: “The expansion of renewable energies, and in particular solar energy, is an indispensable building block for achieving climate targets. As a German leader in Agri-PV, SUNfarming offers a win-win solution for climate and agriculture, which I Squared is delighted to support. We are excited to work with SUNfarming’s experienced management team to unlock the company’s full potential within the fast-growing renewable energy market in Germany.”

Raghuveer Kurada, CEO of Cube Green Energy, said: “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 innovate solutions for a future with 24/7 renewable energy. Cube Green Energy is delighted to have found a partner in SUNfarming that shares our values, and we look forward to working with such a highly successful and diversified renewables platform in Germany.”

Peter Schrum, founder of SUNfarming, said: “This transaction marks an exciting next stage for our company and brings us an important step closer to the crucial goal of driving the energy transition and creating a greener future. I Squared’s investment via Cube Green Energy gives further tailwind to SUNfarming’s dynamic development and underlines our strong position in the Agri-PV market. The deep market know-how as well as the financial strength of our new partner will help us to continue the success story of SUNfarming in the future. Our partners, customers, and employees will continue to receive services based on our core principles of reliability, sustainable growth, and responsibility.”
The parties have agreed to not disclose the financial details of the transaction, which is expected to close by Q1 2025. The transaction remains subject to obtaining customary regulatory clearances and conditions. SUNfarming founders and key management will retain a significant minority shareholding position and will otherwise continue their existing role in the company.

About I Squared
I Squared is a leading independent global infrastructure investor with over $40 billion in assets under management. We are known for the development of investment platforms in infrastructure projects where we start small and grow big. We use global insights and deep local intelligence to solve complex problems, foster smarter businesses, serve local communities, and invest in a more sustainable future to provide essential services to millions of people around the world. We are a team of over 280 people, headquartered in Miami with offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a diverse portfolio of 86 companies in more than 70 countries with over 66,000 employees in a variety of sectors including utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure. You can find out more by visiting: www.isquaredcapital.com.

About SUNfarming
SUNfarming was founded in 2004 as a medium-sized family business by main shareholder Peter Schrum and his partner Martin Tauschke in Erkner near Berlin. The company employs around 120 employees in Germany and Poland and operates in all areas of photovoltaics with a focus on Agri-PV, Biodiversity PV, Floating PV, Rooftop PV, and Eco PV. With a track record of 650 MW PV developments and installations and more than 250 MW maintenance of operating PV plants, SUNfarming is established as one of the leading and long-lasting companies in the German and European solar market. You can find out more by visiting: www.sunfarming.de.

About Cube Green Energy
Cube Green Energy is a Berlin-based independent power producer and renewables developer focused on implementing innovative solutions to power the energy transition. A portfolio company of I Squared Capital, Cube Green Energy has a mission to accelerate Europe’s shift to a zero-carbon economy by upgrading and repowering existing onshore wind farms, developing new renewable energy farms and deploying state-of-the-art battery storage solutions to enable a 24/7 energy future. You can find out more by visiting: www.cubegreenenergy.com.

CONTACT DETAILS:
I Squared
Dominic McMullan/ Shelly Hagan
info@isquaredcapital.com

Brunswick Group
Alexa von Dryander
+49 (0)172 688 738
Tobias Niehaus
+49 (0)174 195 2439
ISquaredGER@brunswickgroup.com

SUNfarming GmbH
Lena Schrum
PR/Communikation
Mobile: +49 176 63647322
Mail: l.schrum@sunfarming.de

Disclaimers
No discussion with respect to specific companies should be considered a recommendation to purchase or sell any particular investment. The companies discussed do not represent all past investments. It should not be assumed that any of the investments discussed were or will be profitable, or that recommendations or decisions made in the future will be profitable. Past performance is not indicative of future results, and there can be no assurance that any investment will achieve similar returns.

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

The system development team of the SUNfarming group, which develops all photovoltaic system concepts and substructures of SUNfarming itself, had already developed the research systems on behalf of the Fraunhofer ISE Institute and the Project Management Organisation Jülich in Alt-Morschenich, among others.

For the development of the floating solar plant for the gravel plant in Kaphof/Hückelhoven, the plant development team worked together with plant constructors from the submarine and shipbuilding industries, among others.

The SUNfarming floating solar system was designed to have the most positive effect possible on the ecology of the water, water evaporation is reduced, the oxygen content for flora and fauna in the artificial water is positively influenced and no pollutants are released into the water. The life span of the floating solar system is at least 40 years. The green electricity generated almost completely covers the gravel plant's own electricity needs at the site.

Yvonne Hensing & Nicole Quadflieg – Management of Kieswerk Laprell Kaphof GmbH & Co. KG
"As an electricity-intensive company, we have been looking at the possibilities that floating PV offers our company for a long time. Our motivation was the sustainable reduction of the carbon dioxide footprint of our high-quality produced building materials as well as the long-term stabilization of our electricity costs. The idea developed together with SUNfarming and the innovative solution offered convinced us. A phase of about one and a half years with a test plant went successfully without any problems e.g. during storms. During the whole project and construction phase SUNfarming convinced us with professionalism, innovative spirit and perfect communication."

Heinsberg, 09.06.2022. Almost one year after the foundation of SUNfarming West GmbH in Heinsberg, a subsidiary of the SUNfarming Group with headquarters in Erkner near Berlin, the first 5.1 MW solar park on the site of the former gravel pit "Tagebau Wilhelm" of the Heinsberg families Quadflieg and Hensing could be connected to the grid. As a pioneer in the field of agri-voltaic systems, investor and operator of more than 350 megawatts of PV systems in its own portfolio, SUNfarming has installed innovative elements of its two product types "agri- and eco-photovoltaics" in this solar park for the first time in the Rhineland.

In this way, another subsequent use has been created on the backfilled former gravel pit, which from now on will make an important contribution to energy security in Heinsberg as well as to the reduction of climate-damaging greenhouse gases. The PV system generates regional green electricity that will supply more than 1,500 households. Sheep graze under the module tables, and a flowering meadow has been laid out on the surface to breed queen bees so that flora and fauna can develop undisturbed. In total, the plant saves about 2,000 tonnes of CO2 per year. In the future, part of the electricity will be used to balance the Alliander grid. In addition, the green electricity will be available to the people of Heinsberg as regional electricity from the local solar park. The electricity supplier lekker Energie will soon offer such a regional electricity product for electricity customers in Heinsberg.

"SUNfarming is a German medium-sized family business that develops, builds, operates and mostly finances all types of photovoltaic systems in 15 countries around the world, including classic ground-mounted, roof-mounted and landfill systems as an investor. However, our focus is on the dual use of extensively used agricultural land for our agri- and eco-PV as well as also gardening and orcharding concepts and for our animal welfare plants with suckler cow husbandry," explains Edith Brasche, member of the management board of SUNfarming West and director for international projects of SUNfarming. "In addition to climate protection and the generation of renewable energy, we are also particularly interested in ensuring agricultural use or the production of food under the facilities. Since 2014, the SUNfarming group has implemented Agri-PV concepts, also known as Food & Energy plants, in South Africa and other African countries, Turkey, Madagascar and the Dominican Republic. In Africa and Southern Europe, it has been shown that Agri-PV is able to protect plants and animals from climate-related, damaging weather conditions, such as we are unfortunately increasingly experiencing here in the Rhineland. We also want to contribute to keeping as much CO2 as possible in the soil through rewetting under the plants," says Edith Brasche.
Igor Hensing, a graduate mining engineer with many years of experience in the field of new technologies in biomass, renewable energies and green chemistry, is also a member of the management of SUNfarming West and is pleased that after almost ten years of development, the realisation of this project in Heinsberg has now succeeded: "On an area like the former Wilhelm open-cast mine, the realisation of such an innovative solar park with agricultural use and contribution to biodiversity is simply ideal. Due to the maximum fist height of 2.90 m, the plant fits in here on the site and ideally into the landscape. At the same time, almost no area was sealed," explains Igor Hensing. "Dual-use concepts such as agri- and eco-PV or solar on water could make a major contribution to achieving the internationally agreed climate targets without causing conflicts in land use. We urgently need to accelerate the expansion of renewable energies. The climate protection goals to which we as Europeans committed in Paris 2015 mean, for example, a quadrupling of solar energy production for NRW by 2030. We do not have much time! The approval procedures for renewable energies must be significantly simplified and accelerated," says Igor Hensing.
Reiner Priggen also welcomes the official start of the largest solar park of this kind in NRW, which contains agri and eco-PV elements: "According to the plans of the state government so far, the installed solar power capacity is to be almost quadrupled to 24,000 megawatts by 2030. That is why we need many such innovative dual-use projects like the one in Heinsberg as soon as possible," emphasised the Chairman of the NRW Renewable Energies Association (LEE NRW) at the inauguration ceremony.
On this occasion, Priggen called on the emerging new Düsseldorf state government of the CDU and the Greens to use photovoltaics to an "extent not yet known nationwide". "For this we need not only every private and commercial roof, but as many agri- and floating PV projects as possible, as well as open space installations on the verges of motorways and railway lines.

SUNfarming specialises primarily in large-scale systems, the occupation of conversion areas, landfill sites and with a particular focus on Agri-PV, Eco-PV and Moorland PV systems. Special quality features are the extremely durable and high-yielding glass-glass modules combined with a sophisticated irrigation system and a stable steel construction with which the modules are placed at different heights. SUNfarming has its own teams for technical development and quality control. SUNfarming's development and implementation know-how was also used, among other things, in the development and construction of the research and demonstration plant of the Jülich Research Centre and the Fraunhofer Institute as part of the BioeconomyREVIER structural change initiative at the Morschenich-Alt site near Jülich, which was completed a few months ago.

About SUNfarming:
SUNfarming was founded in 2004 by the North German entrepreneur and agricultural economist Peter Schrum and his partner Martin Tauschke in Erkner near Berlin. The family-run project developer and investor realises turnkey solar plants with a focus on agri- and eco-solar plants and is active in 15 countries around the world. As an investor, SUNfarming operates approx. 350 MW of solar power in its own portfolio and is currently working on a further 2.5 gigawatt project volume in Germany alone. SUNfarming had already developed its own quality seal for solar modules in 2007. In the company's own research and development centre in Rathenow near Berlin, SUNfarming has been researching and developing the cultivation of vegetables, medicinal herbs, fruit and wine as well as the keeping of chickens, sheep and suckler cows with calves under PV and the use of new PV technologies and agri-robots under the modules in cooperation with various universities since 2018. SUNfarming has already received several awards for its holistic commitment through the use of its "Food & Energy concepts" in combination with the production of food, the training of needy people in sustainable agriculture and the creation of jobs. SUNfarming is also a founding member of the Bundesverband Regenerative Mobilität e.V. and the non-profit development aid association Food, Education, Energy & Development e.V..

Contact:
SUNfarming West GmbH
At the Vossenweg 2
52525 Heinsberg
Germany
Edith Brasche
Mobile: +49 152 536 169 93
e.brasche@sunfarming.de
Igor Hensing
Mobile: +49 172 214 3827
i.hensing@sunfarming.de