ERG enters Italian PV top five with 51.4MW dual buy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Andromeda PV developed the projects in the late 2000s, when it was owned by SunPower (Credit: John Seb)

Renewables developer ERG has secured control of two PV projects through an M&A play, reportedly becoming one of Italy’s five top PV names in the process.

The acquisition of a 78.5% stake in Perseo, full owner of the company Andromeda PV, has seen ERG add the Montalto di Castro PV projects (Lazio region), representing a combined 51.4MW in installed capacity.

In operation since Q4 2010, the projects were developed by Andromeda PV in the late 2000s, when it remained a wholly-owned subsidiary of SunPower.

The plants were gradually built at a site northwest of Rome, with a first 20MW batch connected to the grid in late 2009. US-based integrated solar firm SunPower, which equipped both installations, announced in late 2010 that the projects would be financed with a €200 million loan from BNP Paribas and Société Générale.

According to ERG, the Montalto di Castro PV duo generated 95.9GWh in output and €31 million in EBITDA in 2017. The projects are entitled to public subsidies all the way to 2030 under the second round of Italy’s feed-in-tariff programme.

Worth some €221m in enterprise value, the deal marks the sale of Perseo by previous owner and investment fund Soles Montalto; the seller will remain a minority shareholder going forward, however.

For ERG, the 51.4MW in fresh capacity places Lazio at the front of its PV portfolio, followed by Calabria (24MW), Piedmont (21.1MW), Puglia (14.8MW), Sicilia (11MW), Campania (6.9MW), Abruzzo (4.7MW), Marche (4.3MW), Emilia Romagna (3.3MW).  

Last August, the firm strengthened its PV foothold through a partnership with renewable fund Quercus Assets Selection. At the time, the firms created a joint public limited company that would help consolidate Italy’s PV market by acquiring projects below the 1MW mark, looking to build a 150MW portfolio by 2021.

Read Next

PV Tech Premium
December 2, 2021
Hit by soaring electricity prices and widespread power outages during a severe cold weather event earlier this year, Texas homeowners have been ramping up rooftop solar and battery storage installs to protect against future blackouts and increase their energy independence.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
November 23, 2021
Renewables developers and O&M provider RES has appointed two new chief executives to lead on its growth plans.
November 23, 2021
Italian oil major Eni is planning an initial public offering (IPO) of its renewables, retail and mobility units that will scale up solar capacity as part of a clean energy push.
November 22, 2021
With operational solar assets in certain markets advancing in years, the question about when and under what circumstances to repower them is becoming increasingly common. Alice Grundy looks at the key drivers behind repowering PV.
November 18, 2021
Solar investor and asset manager NextEnergy Capital Group (NEC) is said to be looking to sell a portfolio of solar projects in Italy for more than €400 million (US$453 million), according to Reuters.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal