UK Power Outfit Swoops For Italian Solar
London-listed ContourGlobal and Energy Infrastructure Partners have reached agreement with a group of private shareholders to acquire a portfolio of solar PV assets totalling 18MW in Italy for €49.7m.
The 24 projects, bought by taking over developer Green Hunter Group, will contribute approximately €8m of adjusted EBITDA on an annual basis, according to the investors.
The PV farms are primarily ground-mounted plants, the majority of which are located in close proximity to the existing operations, thus benefiting from geographic synergies.
They provide long-term, contracted cash flows with a weighted-average remaining feed-in tariff period of 10 years.
The deal is expected to complete in the third quarter of the year, subject to the completion of certain customary closing conditions.
ContourGlobal said the transaction is another “operationally led bolt-on acquisition” as part of its roll-up strategy in Italy with long-time partner EIP.
“We continue to see a strong pipeline of further opportunities in Italy,” it added.