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Amaranto looks to Italian grid-parity PV
Italian-based asset manager Amaranto Holding has bought the Italian development business of Silver Ridge Power, which in 2017 sold its operational assets in the country to Cubico Sustainable Investments, to bolster its grid-parity development capabilities.
The deal will see Amaranto bring on board the technical and administrative staff at Silver Ridge Power Italia “to use their professionalisms in the development of a consistent portfolio of grid parity installations and in the asset management which belongs to our core business,” a spokesperson told Energy Rev in an emailed statement on Friday (June 1).
The company is developing a 500MW pipeline of grid-parity projects in the South of Italy, the spokesperson said.
Amaranto Group – via its subsidiaries – owns and operates a 90 MW PV portfolio in Romania, including the 56MW Satu Mare plant, and a 6MW portfolio in Italy.
Cubicio in March 2017 acquired the 105.6MW Silver Ridge Power Italia PV portfolio, which consists of 18 plants located in Puglia, Lazio and Sicily.
Silver Ridge Power – then AES Solar – launched in 2008 with backing from US private equity group Riverstone and NYSE-listed energy group AES Corporation. AES sold on its interest to SunEdison in 2014.
Amaranto was advised on the Silver Ridge acquisition by EthicalFin Limited.