Bluefield Partners Buys Three Photovoltaic Plants in Rovigo from CIC Group

Bluefield Partners, a London-based investment group focused on renewable energy, through Bluefield Revive Italia I srl, a renewable energy investment vehicle in which Spain’s Arcano Capital is a co-investor, has acquired from Germany’s CIC Group the entire share capital of CIC Ceneselli srl, owner of three photovoltaic plants located in Ceneselli (Rovigo), with a total rated capacity of about 12 MW, the largest rooftop photovoltaic plant in the world.

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At the end of 2021, Bluefield Revive Italia I srl had already acquired 6 photovoltaic plants in Italy

Gitti and Partners advised Bluefield on the legal side of the transaction, while Mazars assisted with tax, accounting, and financial aspects. Armon Capital Advisory acted as advisor and for technical due diligence aspects, Bluefield was finally supported by Kiwa Moroni. Dentons and LPA-GGV, on the other hand, served as legal advisors to CIC.

CIC Group, active internationally and headquartered in Regensburg, Germany, specializes in the fields of renewable energy, energy-saving construction, and sustainable development consulting.

At the end of 2021, Bluefield Revive Italia I srl had already acquired 6 photovoltaic plants in Italy, with a total capacity of about 6 MW. In recent days, on the other hand, Bluefield acquired from Trina Solar, a company listed on the Shanghai Stock Exchange and an international operator in the photovoltaic sector, a 47 MW solar portfolio, consisting of two special purpose vehicles that own a number of photovoltaic projects under development in Italy and part of Trina’s Italian solar pipeline.

Bluefield, was founded in London in 2009 by James Armstrong, Giovanni Terranova, and Mike Rand, all with previous experience in renewable energy. Neil Wood joined the team in 2013 and became a partner in 2020.

Bluefield conducted its first transaction in Italy in November 2019, when it bought a portfolio of PV plants with a total installed capacity of about 10 MW, which were held by three separate spvs. In January 2021, the company, through its subsidiary Bluefield Solar Endeavour Italia (based in Milan), took over, financed by Kommunalkredit Austria, two vehicles held by Canadian Solar and owners of a portfolio of 10 greenfield PV plants under development without incentives (grid parity) and located in Sicily.

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(Featured image by ecosolarceo via Pixabay)

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