Econergy has successfully sold 34.3MWp Italian solar portfolio to EF Solare Italia
Integrated Energy Holdings, a Joint Venture managed by Econergy Group and held between IAM Capital and Econergy, has successfully sold Econergy Renewable 1 SpA (“ER1”), a company holding a cluster of 30 photovoltaic plants to EF Solare Italia Spa, a company entirely held by the largest Italian infrastructure fund and the largest operator of photovoltaic assets in Italy.
The consolidated portfolio comprises 11 companies with a total of 30 PV plants, all operating and connected to the grid for an average of 6 years benefiting from the Italian Feed In Tariff (FIT) scheme program. The portfolio, which encompasses fixed, single axis and dual axis tracker has a cumulated production in excess of 50GWh per year.
The portfolio is financed by Mediocredito Italiano of Intesa SanPaolo group. Banca IMI acts as facility agent.
ER1 was managed until closing by Econergy Group, led by Eyal Podhorzer and Yoav Shapira.
The seller, IEH, was assisted by Prothea as sole financial advisor. Legance was the legal advisor for all aspects of corporate/M&A, project finance and administrative law together with Agnoli Giuggioli (A&G), BFP Group was the technical advisor and Marsh acted as Insurance advisor.
Econergy Group is an active investor and manager of renewable energy assets in the Italian market with solid track record including the execution of more than 30 transactions in the last 7 years. The company is focusing on increasing its footprint in the Italian renewable energy market by continuing its acquisition strategy of operational PV assets benefiting from the various “Conto Energia” and starting the development of greenfield PV plants targeting 700MWp in grid parity.