Theia Holdings, a leading British operator in the production of electricity from renewable sources, has bought from NatPower two spvs owning four photovoltaic plants under construction in Piedmont for a total capacity of 22 MW.
L&B assisted Theia on the legal side, while Kiwa Moroni assisted Theia in the role of technical advisor. Prothea acted as NatPower’s exclusive financial advisor, while the law firm Gattai, Minoli was the legal advisor.
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Theia already has a rich portfolio in Italy
Based in Milan and London, NatPower is an independent company specializing in investments in renewable energy and sustainable infrastructure, led by CEO and partner Fabrizio Zago (former president and CEO of Building Energy) and partners Matteo Racchelli (coo), Carmine Fioravante (CTO) and Matteo Ballini (CFO).
Theia Investments team commented: “This deal represents a real milestone for Theia, being the first acquisition of unsubsidized plants in our portfolio. We would like to thank the entire advisory team for their exceptional support in this complex transaction.”
Theia already has a rich portfolio in Italy. At the end of March, it secured a $33.8 million (€32 million) loan from BPER Banca for seven Italian photovoltaic plants, with a total capacity of around 17 MW. Also at the end of March, subsidiary Theia Investments (Italy) srl completed the acquisition of a vehicle company owning two photovoltaic plants, for a total of 10.1 MW in Sardinia, reaching the threshold of 30MW total in the portfolio.
Previously, in July 2021, the subsidiary Theia Investments (Italy) 3 srl had taken over three photovoltaic plants in Apulia for a total of 3 MW (see press release here), while in June it had taken over a 3 MW portfolio of photovoltaic greenhouses in Sardinia from a group of entrepreneurs, and in March it had taken over a 1 MW rooftop photovoltaic plant in Piedmont.
In February 2021, the same vehicle had taken over a 1 MW photovoltaic plant in Puglia from private individuals. Also in February 2021, Theia Investments obtained from Intesa Sanpaolo a loan of approximately $43.4 million (€41 million) for 23 photovoltaic plants in Italy. In 2020, Theia had also purchased 10 photovoltaic plants in Italy. In December 2019, on the other hand, Theia had acquired two photovoltaic plants.
Backed by institutional investors, Theia is a management company focused on the acquisition and management of renewable energy assets in Europe. Theia’s management team, led by investment manager Porfirio Squadrone, has been involved in the development, construction, and acquisition of over one GWp of renewable energy plants.
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