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Infra fund-backed IPP negotiating EUR 60m Italian PV buy

An infrastructure fund-backed IPP is at an advanced stage of negotiating the circa EUR 60m acquisition of over a dozen Italian PV plants from a local developer, sources say. 

JP Morgan solar platform Sonnedix took its Italian PV portfolio to 114MW in size with a clutch of bolt-on acquisitions at the end of 2017, and the group is now negotiating the purchase of a 16.8MW portfolio from Italian group Terni Energia, it is understood.   

Italian Stock Exchange-listed Terni announced in December that it had received a binding offer for the 17-plant portfolio from a “leading international investment operator”, and last week said it would conclude the sale by February 28.   

The sub-1MW PV plants are owned by subsidiary SPVs Energia Alternativa, Soltarenti, Guglionesi and Solter.   

The purchase price amounts to EUR 16.6m in equity, in addition to the transfer of up to EUR 41.7m in project finance repayment obligations, according to Terni Energia.   

A spokesperson for Sonnedix declined to comment on the transaction. Terni Energia did not respond to a request for comment.  

Sonnedix acquired four Italian PV plants at the end of 2017.   

Assets acquired include a 4 MW portfolio of one rooftop and two ground-mounted PV plants in Piedmont from the Gavio Group, a 0.8 MW ground-mounted PV plant located in Apulia from Errenergia, and a 1.95 MW portfolio of three ground-mounted PV plants in Apulia from SO.CO.FIN.  

The group also acquired a 5MWp portfolio of four ground-mounted PV plants located in Apulia and Sicily from subsidiaries of TEP (Solar Holdings).

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