Econergy and RGreeen announce the successful acquisition of a 4MWp portfolio of biogas power plants from Palladio Team
Econergy and RGreen Invest announced the successful closing of the acquisition of a 4MWp portfolio of biogas power plants located in Northern Italia from Palladio Team, a PFH controlled entity.
The acquisition was financed with a combination of equity provided by the Sponsors and a hybrid instrument provided by FPCI InfraGreen III, a fund managed by RGreen Invest.
The assets currently benefit from a project finance facility issued by UBI Bank as a single lender.
The assets are located in the Provinces of Cremona and Pavia and have been operating since 2012. Thanks to a mixed diet based on primary and secondary biomass products can produce electricity from biogas and have access to the incentives granted by the GSE. The companies are able to contribute to grid stability, while producing renewable energy, by injecting electricity in the grid with a capacity factor higher than 95%.
Econergy was supported by Prothea as exclusive financial advisor, Watson Farley & Williams and Agnoli e Giuggioli as legal counsels and SamsoLT as technical advisor. Palladio Team was advised by Palladio Corporate Finance as financial advisor and Avv. Stefano D’Angelo as legal advisors of Palladio Team; Chiomenti acted as legal advisor of UBI bank.
Eyal Podhorzer, Managing Partner of Econergy: “This transaction represents an important achievement in the diversification strategy that Econergy has been pursuing since its inception. Econergy aims at continuing playing a consolidation role in the renewable energy market”.
Nicolas Rochon, Managing Partner of RGreen Invest: “This transaction is exactly in line with the strategy of our fund InfraGreen III which aims at partnering with operators and developers in order to accelerate their growth in Europe and contributing to the energy transition: these biogas plants will transform 50,000 tons/year of agricultural waste in green electricity.”
Otello Cavaliere, CEO of Palladio Team: “starting from greenfield in 2011, we have successfully developed and brought to stability this 4MW biogas project. Now this platform could represent the starting point for further growth for the new investor.”
Econergy is a fast growing asset manager and investor in the renewable energy sector, managed by an experienced team of professionals with strong expertise in the renewable energy sector. Management has track record and proven execution capabilities in international renewable energy markets. In the Italian market Econergy has completed over 30 successful acquisitions of renewable assets since 2011 with total capex in excess of 300M Euro. Econergy is aiming at significantly growing in the Italian market with its asset consolidation strategy.
About RGreen Invest
RGreen Invest is a French asset management company regulated by the AMF, specialized in energy transition infrastructure projects investments with c.€300m under management in the InfraGreen funds. Since 2013, RGreen Invest has financed more than 870 MW of renewable energy projects and has developed strong relationships with some of the main operators and developers in Europe by helping them to strengthen their market share and accelerate their development through co-investment in equity and quasi equity (mezzanine, junior debt).