NextEnergy soaks in Italian sun
Agreement reached to acquire eight solar plants totalling 34.5MW
NextEnergy Solar Fund is to acquire eight operating solar plants in Italy totalling 34.5MW from Platina Energy Partners.
Five of the plants are in the Puglia region (21.5MW) and three in Campania (13MW). They were grid-connected between 2010 and 2011.
NextEnergy said the equity value of the acquisition amounts to €55m, with the portfolio’s total outstanding long-term non-recourse debt facilities amounting to €76.9m.
It will finance the transaction using the company’s “available financial resources”.
The projects benefit from the Italian feed-in-tariff (FiT) regime, with FiTs ranging from €195 per megawatt hour to €318/MWh that expire in 2031.
Completion of the acquisition in subject to “change-of-control approvals” by the portfolio’s debt financing providers – an Italian bank and a European bank.
NextEnergy Solar Fund chairman Kevin Lyon said: “This acquisition diversifies our market risk, while reducing the overall exposure to brown power prices across our asset base.”