The Undo Group Buys 13 Photovoltaic Systems from the American Alternus Clean Energy

The Undo Group , active in the construction, acquisition and management of renewable energy production plants throughout Italy, has acquired 11 special purpose vehicles,  owners of 13 photovoltaic plants for a total capacity of 10.5 MW, in operation and incentivized under various accounts Power.

The portfolio, called Project Italy , was sold by Alternus Clean Energy, Inc. , a company listed on the Nasdaq, active in the clean energy sector worldwide, which in turn repaid the bond guaranteed by the package of plants.

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The Undo group is based in Rome and currently owns around 90 plants in Italy

Green Horse Financial Advisory and Green Horse Legal Advisory assisted in the sale of Alternus Clean Energy, the former with the role of M&A arranger and the latter for the vendor due diligence aspects and all the legal documentation relating to the sale; while Undo was supported on a legal level by Advant NCTM.

BIT spa acted as technical consultant for the operation, supporting the Undo group in verifying all design, regulatory and technical aspects and GSE of the cluster of 13 plants Clifford Chance assisted the security trustee Nordic Trustee AS in relation to the activities necessary for the reimbursement of the bond loan granted to the Alternus group and the release of guarantees on the photovoltaic systems involved in the operation.

The Norwegian law aspects relating to the reimbursement were handled by the law firm Advokatfirmaet Schjødt AS. The notarial deeds were managed by the notary of Rome, Gianluca Sbardella.

Umberto Deodati , CEO and founder of the Undo group, commented: “This acquisition, the last one which took place in 2023, constitutes our most significant operation in the secondary market up to now, and confirms the achievement of the objectives set by our company in terms of capacity.”

The group is based in Rome and currently owns around 90 plants in Italy, for an installed power of over 30 MWp, with a pipeline under development for over 200 MWp. Since 2019, it has been part of the Elite program of the Italian Stock Exchange. Undo is also active in precision mechanics, employs around 90 people overall and, in 2022, generated aggregate revenues of over 25 million euros with a CAGR growth trend of 30% in the last 10 years . In 2021 the turnover was approximately 20 million euros .

Last April Axiom Group Limited, a family office founded in 2012 by the Danish entrepreneur, Martin Moller Nielsen , which operates in various sectors including renewable energy, real estate, aerospace and financial services, acquired the majority of Undo in a capital increase, with Deodati who continued to hold the role of CEO , Giuseppe Monaco who held the position of chief investment officer, and Daniele Pistoia that of chief research and development officer.

In June 2022, the company was the protagonist of an operation on behalf of the subsidiary SunBerserker, for which it had obtained a project financing of 33 million euros from MPS Capital Services Banca per le Imprese and UniCredit, with which it both refinanced an Italian photovoltaic portfolio made up of 39 plants and guaranteed a new injection of liquidity for new acquisitions and investments, as envisaged in the industrial plan.

In July 2021, the group had also received a bridge financing of around 20 million from MPS Capital Services , to finance the acquisition of 9 spvs (special purpose vehicles) owners of energy production plants from renewable sources in Campania, Marche, Piedmont , Puglia and Emilia Romagna , for a total power of over 8MWp.

As for the seller of the package of plants, this is the new company born in December 2023 from the business combination between Alternus Energy Group Plc (AEG) , listed in Oslo and an independent transatlantic producer of clean energy, and Spac Clean Earth Acquisitions Corp, listed on Nasdaq.

The new entity, which therefore took the name of Alternus Clean Energy Inc, is 80% controlled by AEG, while the rest of the capital belongs to the sponsors and other shareholders of the Spac Clean Earth. In turn, Alternus Clean Energy Inc acquired the majority of AEG’s assets, namely 168 megawatts (MW) in operation, 98 MW under construction, over 300 MW in various stages of development and an acquisition pipeline of over 1 GW. AEG will however continue to exist as a separate legal entity and will continue to be listed on Euronext Growth in Oslo.

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(Featured image by Mariana Proenca via Unsplash)

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