Alantra, a Spanish investment bank, and independent asset manager, which a few weeks ago strengthened its presence in Italy by launching the Italian private debt team led by managing director Alberto Pierotti, has teamed up with global integrated solar PV provider Solarig to launch the investment vehicle N-Sun Energy, which will invest in photovoltaic plants in Italy and Spain, thanks to a total capital raising of €1.7 billion, including equity (€700 million) and debt (€1 billion). The debt portion has already been joined for a total of 265 million by infrastructure asset manager Reichmuth, and French asset manager Amundi.
In more detail, N-Sun Energy will gradually acquire a portfolio of more than 50 plants in Southern Europe, with a capacity of 1.9 GW, as soon as the plants reach ready-to-build (RTB) status, meaning they have completed the permitting process. The first eight, totaling 330 MW, will be acquired as early as the next few weeks; the following, progressively within the next 18 months.
Read more about the partnership between Alantra and Solarig and find the most important business news of the day with the Born2Invest mobile app.
Overall, the N-Sun Energy plants will be operational by the end of 2025
About two-thirds are based in Italy, with a total capacity of more than 1.2 GW, of which 463 MWp will come from the Apulian plants (36.1 percent of capacity), 279 MWp from Lazio (21.8 percent), 248 MWp from Sicily (19.3 percent), 133 MWp from Basilicata (10.4 percent), 125 MWp from Molise (9.8 percent), and 35 MWp from Tuscany (2.7 percent). The remaining assets will be based in Spain. When completed, the portfolio will generate about 2.7 GWh per year, the equivalent of the annual consumption of more than 800 thousand households, and generate more than 180 million in annual revenues.
As part of the long-term partnership initiated by the two companies, Alantra Solar will provide asset management services to the investment vehicle while guaranteeing its financing capacity, implementing a distribution strategy that balances power purchase agreements (PPAs) and market divestments. In doing so, it will draw on a multi-specialist team that has invested more than €600 million in the sector and acquired and developed plants with a total capacity of more than 3GW, in Europe and the United States.
“I am proud of this additional investment that consolidates our presence in Italy,” said Carlo Dawan, the company’s executive chairman in the country, “confirming the pace of activity in recent months with the completion of highly visible transactions, including Francesco Illy’s sale of his 20.7 percent stake in the Illy Group to his other siblings and support to KKR Impact Fund in the acquisition of CEF Publishing.
It further expands the portfolio of services we offer, with investment banking, product structuring, which includes credit portfolio advisory, and alternative asset management.”
As for Solarig, it will oversee the development of the plants to ensure they reach operational status and then bring its global third-party O&M capabilities to the projects. The company currently manages 10GW of PV assets in Italy, Spain and 15 different countries, with a portfolio of 8GW under development and more than 800 people.
Jose Miguel Moraga, CEO of Solarig, said, “Solarig is successfully executing its strategic plan, with the goal of becoming a multinational leader in the creation of large project pipelines with a business model secured through our different lines of business. This partnership is a step toward achieving the ambitious goals the company has set for itself.” The Spanish operator has already in the past carried out transactions involving photovoltaic plants located in Italy. In May 2021, in fact, it had sold a 22.3 MW portfolio to competitor Sonnedix.
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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