Quercus Assets Selection has successfully bid for Antin Solar Investments and its 77.1MW Italian photovoltaic portfolio.
The bidding, which was conducted by a 50:50 consortium consisting of Quercus Assets Selection and Swiss Life Asset Managers, increases Quercus’ renewable energy portfolio to 266.5MW.
Antin Solar is the fifth largest solar power operator in Italy. The plants are located in Lazio, Sicily and Puglia.
The portfolio has an enterprise value of €310m and is being acquired through a new vehicle called Quercus Swiss Life Italian Solar.
The deal is expected to complete during the first quarter of 2016.
In addition to capital provided by investors and partners, the transaction was also financed through a credit line provided by UBI, with Studio Borghesi and Associates acting as Quercus’ financial advisor.
Ashurst acted as legal advisors.
Quercus co-founder and chief executive officer Diego Biasi said: “The acquisition of ASI is a strong signal of intent from Quercus and it cements our position as one of the top PV players in Italy.
“The deal provides an excellent platform to capture additional growth opportunities as the PV market in Italy continues to consolidate.
“Italy has a very stable incentive policy and a focus on renewable sources that provide renewables with grid priority.
“It is therefore a very attractive market and Quercus will actively seek to further its involvement in the Italian market with equally ambitious deals that will also involve the wind sector.”
Image: sxc1
