Capital Dynamics’ clean energy business has acquired from Solar Ventures the shovel-ready 18MW Project Cliff solar farm in Sicily, Italy, for an undisclosed price.
Construction will start this year and the project is expected to reach commercial operations in 2023.
Project Cliff will be supported by a long-term power purchase agreement and, once operational, is estimated to be able to generate approximately 37 gigawatt-hours of electricity a year.
Local contractors will participate in Project Cliff’s construction and operational phases, Capital Dynamics said.
Capital Dynamics co-head Dario Bertagna said: “We are thrilled to be partnering with Solar Ventures on Project Cliff, which will provide affordable, subsidy-free renewable energy to southern Italy.
“As one of the most attractive locations for efficient, solar power generation, Italy is uniquely positioned to help lead Europe’s transition to renewable energy sources.
“We see significant opportunity for additional solar PV projects in Italy and look forward to supporting this transition through our investment and management expertise.”
Solar Ventures chairman and chief executive Michele Appendino said: “Renewable sources represent the future of the energy sector, and we are delighted that Capital Dynamics shares this vision.
“Through this new collaboration, we want to boost the construction of clean energy projects and satisfy the growing demand for sustainability from investors and citizens.”
Law firm Norton Rose Fulbright acted as legal counsel to Capital Dynamics on the acquisition, while JLL served as financial advisor, PwC TLS assisted on the tax and accounting due diligence, and Everoze Partners acted as technical advisor.