Octopus Renewables has signed a binding agreement for the sale of 173MW of solar plants in Italy to Italian renewables operator A2A.
The portfolio comprises 17 photovoltaic plants and is the largest merchant portfolio of plants in Italy, without GSE incentives, of which nine are located in Lazio and eight in Sardinia.
Octopus Renewables is an investment fund of UK-based Octopus Investments.
The cash consideration paid for the portfolio is €205m.
A2A CEO Renato Mazzoncini said: “With the acquisition of these 17 plants, we consolidate our position as the second largest operator in renewables by installed capacity in Italy and increase the amount of green energy available to customers”.
With the addition of the 17 solar plants from Octopus A2A’s solar portfolio is 284MW.
A2A was advised by law firm Herbert Smith Freehills on the transaction and Octopus by Linklaters.