RTR Capital, a subsidiary of Terra Firma, has acquired Apollo from Acea Reti e Servizi Energetici SpA (Acea RSE) after winning a competitive bidding process which attracted 30 PV operators. 

Apollo manages a portfolio of PV plants which has a combined capacity of 32.5MW. The plants are located in Puglia, Lazio and Campania in Italy.

As part of the agreement, RTR Capital paid a total price of €102.5 million (US$133.4 million) for the company, which is equal to paying around €3 million per megawatt.

Acea said the sale was in line with Acea Group’s strategy to “extracting value from non-core assets in order to consolidate its leadership in regulated markets”, whilst maintaining a balanced and efficient financial structure.

Following this latest acquisition, RTR Capital now operates 297.5MWp of installed PV capacity in Italy and produces more than 400 GWh of electricity every year.