Tages Helios II Fund Completes its €477 Million Investment

The Tages Helios II fund, managed by Tages Capital sgr, has completed its investments by acquiring one of Italy’s largest photovoltaic plants in the province of Cagliari, with a total installed capacity of about 82 megawatts.

The plant in Uta (Cagliari), whose construction was completed last year by the Carlo Maresca group and has just come into operation, covers an area of 95 hectares and is the largest ever built on an industrial area, particularly that of the now reclaimed Sulcis-Iglesiente site of national interest. Designed by Encore srl on single-axis solar tracking structures, it provides energy equal to 145 thousand megawatt hours per year, capable of powering 57 thousand households with solar renewable energy and avoiding the release into the atmosphere of 63 thousand tons of carbon dioxide per year, equal to 27 thousand tons of oil not burned annually.

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With this acquisition, the Tages Helios II fund, as mentioned, has completed the investment of its €477 million of raised capital

Tages Capital sgr, an independent management company specializing in infrastructure funds that invest in the energy sector and the real economy, is the second largest photovoltaic operator in Italy with assets under management of about €2 billion. The first is EF Solare Italia, 70 percent controlled by F2i (the remaining 30 percent is owned by Crédit Agricole Assurances).

With this acquisition, the Tages Helios II fund, as mentioned, has completed the investment of its €477 million of raised capital and now holds 193 plants with 430 megawatts of installed capacity using wind and photovoltaic technology. Overall, the Tages Helios and Tages Helios II funds have raised €730 million from large Italian institutional investors and family offices, with which they have bought three hundred plants totaling 702 megawatts of installed capacity, including 103 megawatts in Sardinia through twelve photovoltaic plants and 80 megawatts in wind power. Others include the one acquired two years ago in Calabria, the portfolio of twenty-eight photovoltaic plants taken over by Viridis Energia and Equiter, and Susi Sustainable Energy and Plenium Partners’ 14.5-megawatt portfolio acquired three years ago.

Tages Helios Net Zero, which was launched a month ago, is the third infrastructure fund managed by Tages Capital sgr dedicated to the entire universe of energy transition

“The acquisition takes on particular significance because it involves a large, very recently built, state-of-the-art plant. The geographical location, the technical configuration, and our presence in the area through the Delos Group are the prerequisites for achieving excellent technical and economic results, which thus optimally conclude the investments of the Tages Helios II fund. We are thus ready to invest the Tages Helios Net Zero fund, which already has several strategic portfolios in its pipeline,” commented Umberto Quadrino, president of parent company Tages spa and director of Infrastructure Investments at Tages Capital sgr.”

Tages Helios Net Zero, which was launched a month ago, is the third infrastructure fund managed by Tages Capital sgr dedicated to the entire universe of energy transition that has already raised about 200 million euros and complies with the highest standards required by Article 9 of the European Esg regulation. With this fund, Tages Capital sgr will continue to invest in Italy, but will also broaden its investment horizon abroad and to all those businesses functional to achieving so-called “carbon neutrality,” such as biomethane, batteries, energy communities, and hydrogen.

Tages, which has subscribed to the United Nations Principles for Responsible Investment since 2018, received the highest UNPRI rating in 2020, A+, both at the corporate level and for the Infrastructure asset class, for which it had an 84 percent rating in 2021. “Sustainability has always been part of Tages Capital sgr’s business model, a commitment carried out on a daily basis thanks to a dedicated team that selects and manages investments with particular attention to Esg risks,” a note reads.

In 2022, the combined portfolio of Tages Helios and Tages Helios II generated about 864 gigawatt hours of electricity, saving more than 390 thousand tons of carbon dioxide annually and meeting the annual electricity needs of more than 320 thousand households.

Tages Capital sgr announced in September that it had received a nonrecourse green loan financing in the amount of 1.10 billion euros in favor of Ortigia Power 61 srl, which is indirectly owned by the Tages Helios II fund (see press release here). The transaction was finalized on July 26, 2022 with the first drawdown related to the refinancing of debt associated with wind and photovoltaic portfolios already acquired for a total installed capacity of about 202 megawatts. Further drawdowns of the credit lines are planned for acquisitions of new plant portfolios and also in accordance with other investments. The financing was provided by a syndicate of eight banks including BNP Paribas Italia, Intesa Sanpaolo, Société Générale’s Milan branch, BBVA’s Milan branch, Bayerische Landesbank Anstalt des öffentlichen Rechts, Banco BPM, BPER Banca, and CaixaBank, all acting as mandated lead arranger, lender, and bookrunner. Intesa Sanpaolo also acted as custodian and agent.

Tages group is an international asset manager active in several business areas: in alternative liquid funds, private debt and impact investing through Investcorp-Tages with more than $4.2 billion in revenue-generating assets; in renewable energy with Tages Capital sgr; and in private equity through a strategic partnership with Vam Investments Group, an investment firm specializing in growth capital and buyouts. Founded in 2011 by Panfilo Tarantelli, Sergio Ascolani, and Salvatore Cordaro and with offices in New York, London, and Milan, Tages’ shareholders also include Quadrino and Francesco Trapani. In addition, Tages shareholders hold minority stakes in Banca CF+ and Gardant, which are active in the credit sector in Italy.

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(Featured image by fabersam via Pixabay)

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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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