European partners Alantra and Solarig have launched a 1900MW solar platform composed of more than 50 projects in Italy and Spain.
Key investors in the new platform are Swiss infrastructure asset manager Reichmuth and French outfit Amundi Energy Transition.
Two thirds of the portfolio is located in Italy, with the remainder in Spain.
The plants will reach Ready-to-Build (RTB) status within the next 18 months and be fully operational by the end of 2025, said the partners.
An investment vehicle has been established to acquire the portfolio’s plants for a value of €1.7bn, of which €700m will be equity and the remaining €1bn debt.
The vehicle will be named N-Sun Energy and has been created as an investment platform that is environmentally sustainable and compliant with the ESG criteria set out in the EU Taxonomy Regulation.
Alantra is raising the capital for N-Sun Energy and has partnered with Reichmuth and Amundi as integral strategic co-investors, who have committed up to €265m.
The investment vehicle will acquire the plants as soon as they reach the RTB status and has completed the procurement of the first eight plants totalling 330MW.
Alantra Solar, the partnership between Alantra and Solarig, integrated in Alantra Asset Management, will deliver asset management services to the investment vehicle and ensure its financing capacity while implementing a distribution strategy that balances power purchase agreements (PPAs) and market sales.
Solarig will oversee the development of the plants to ensure they reach operational status and bring its capabilities as an O&M contractor.
Solarig has international experience and “strong local and execution capabilities with a deep presence in Italy and Spain and 15 other countries”.
Once completed, the portfolio will generate more than €180m in revenues a year.
Jacobo Llanza, CEO of Alantra Asset Management, said: “Renewable energy is driving strong demand from investors across the globe, who are looking for experienced partners who can guide their contribution to transforming our energy models.
“The partnership with an industrial partner like Solarig, backed by investors of the calibre of Reichmuth and Amundi, offers a strong response to this need.
“We aim to replicate this successful model in future portfolios.”
Amundi Energy Transition CEO Matthieu Poisson said the transaction represents a “unique opportunity” to invest in one of Europe’s largest solar development platforms.
Poisson said: “We are delighted to partner with Solarig, Alantra, and Reichmuth on this investment, which aligns with our current strategy of acquiring late-stage development projects and enhances our portfolio with significant diversification into solar and continues to position Amundi Energy Transition as a leading investor in renewable energy and the decarbonisation of European power grids.”