F2i sgr, through its subsidiary EF Solare Italia, has taken over the Spanish solar operator Renovalia (see the press release here). According to a source quoted byReuters, the enterprise value is about 700 million euros.
In detail, approximately 1,000 MW of solar power were acquired, of which 102 deriving from nine plants already in operation and another 850 MW relating to projects under development. This power is added to the 853 MW already held in Italy by EF Solare, which will thus control a photovoltaic power of over 1,800 MW and becoming one of the main European operators. Furthermore, with this operation EF Solare entered the Spanish solar energy market, with significant growth potential as the Government has committed to quintupling the country’s solar capacity over the next ten years.
Renovalia is the fourth solar operator in Spain. It is active in the promotion, engineering, construction, production and sale of electricity produced from renewable sources: wind, photovoltaic, hydroelectric. It operates in 7 countries (USA, Canada, Mexico, Mexico, Chile, Italy, Hungary and Spain), has more than 805 MW in operation and under construction among 17 wind farms, 11 photovoltaic solar plants, a small hydroelectric center and a solar plant thermal.
EF Solare Italia has recently refinanced a portfolio of 118 MW photovoltaic plants thanks to a new line package of 320 million euros (see here a previous article by BeBeez). The loan was granted by Banca Imi (Intesa Sanpaolo), Banco Bpm, Bnp Paribas, Cassa Depositi e Prestiti, Crédit Agricole and Société Générale. In January of this year, EF Solare also acquired 31 photovoltaic plants in Italy for a total power of 34.4 MWp from Integrated Energy Holdings, controlled by IAM Capital and Ecoenergy (see here a previous article by BeBeez). EF Solare Italia produces over 800 MW of photovoltaic energy, distributed in over 300 plants in 17 regions. In December 2018 it passed entirely under the control of the F2i sgr’s Third Fund, taking over the remaining 50% stake from Enel Green Power spa (see here a previous article by BeBeez). The assets assigned to EF Solare Italia also include RTR Rete Rinnovabile, a company bought by the F2i fund last year. The transfer of RTR to EF Solare Italia had already been anticipated in July 2018 (see here a previous article by BeBeez). At the end of 2016, EF Solare had instead acquired Etrion spa, a company which was responsible for the Italian activities of Etrion Corporation for a total of 53.4 MW of installed power (see here a previous article by BeBeez).
The Third Fund of F2i sgr closed the collection at 3.6 billion euros in November 2018(see here a previous article by BeBeez). In Italy, F2i holds some of the key assets in terms of energy, transport and telecommunications for a total value of 5 billion euros. Recently the Antitrust Authority has given the green light to the acquisition of Persidera spa by the Third fund of F2i sgr announced last June, but in the pipeline for more than a year and a half (see here a previous article by BeBeez) The fund is now working to present a purchase offer for the producer and distributor of electricity and gas Sorgenia, entering the game that up until now had raised the interests of private equity funds such as Blackstone, Riverstone, Cvc and Energy Capital and of industrial subjects such as Iren, Acea, the British Contourglobal and the consortium between the Italian A2A and the Czech Eph (see here a previous article by BeBeez). In addition, F2i will manage the new fund for investing in infrastructure promoted by Ania, the Italian Association of Insurance Companies, which should carry out the first closing of the collection by early January 2020 (see here a previous article by BeBeez).
In January 2019, F2i won the tender for the sale of 55% of the regional airport Trieste Airport of Ronchi dei Legionari for 32.8 million euros(see here a previous article by BeBeez) and in June 2019 purchased the Gruppo Porto di Carrara, which holds the ports of Carrara, Marghera and Massa Carrara (see here a previous article by BeBeez). And now F2i is said to be willing to buy also the ports of Monfalcone, Ravenna, Livorno, Savona and Naples (see here a previous article by BeBeez).
