Prothea is pleased to announce completion of a multiple assets transaction in the Italian solar energy sector for a total power capacity of 16,3MWp
A strategic partnership between Econergy and Equitix successfully completed the acquisition of the portfolio from a UK based clean tech fund. The transaction was executed by means of transfer of the 100% shareholding of the sellers Investment Company, holding quota in the five Italian project companies.
The portfolio includes nine solar PV plants and benefits from Italian subsidies, in the form of feed-in-tariff. A mix of leasing and project financing facilities by primary Italian Banks originally financed the projects.
Prothea was involved in the transaction as M&A and financial advisor of the buyers while the legal due diligence activities on the plants and the companies were appointed to the law firm Agnoli & Giuggioli ("A&G"), leaded by the lawyers Giulio Giuggioli and Roberta Ardigò. The technical Due Diligence was performed by Moroni & Partners. Prior to the completion of the transaction, Prothea and A&G assisted the buyer in the negotiation and underwriting of R&W Insurance with AIG.
David Armanini, Managing Director of Prothea: "The acquisition of such an articulated portfolio in terms of technologies, financing arrangements and transaction structure required strong analytical, managerial and problem solving skills. We are delighted to have assisted again Econergy in expanding its Italian solar portfolio and Equitix in completing its first investment in the sector in Italy. We intend to work together more closely in the future and are currently reviewing further opportunities for cooperation"
Prothea was established in 2007 as an independent investment bank based in Milan providing advisory and asset management services in the renewable energy and infrastructure sector. Over the last five years, Prothea executed transactions with a total value of approximately Euro 1.0 billion, advising primarily institutional investors both Italian and International. Today Prothea is a market leader in the renewable energy sector and in the infrastructures, water and environmental sectors. Prothea management team includes professionals with highly complementary skills coming from advisory firms, companies involved in the specific sectors, international public institutions in the natural resources sector, investment banks and private equity firms.