Tages Capital SGR announces that on 5 August the Tages Helios fund acquired the photovoltaic plants of 9Ren from the XI Fund of First Reserve, the leading Italian operator in the field of photovoltaic energy which owns 51 plants throughout the country for a total of 56 MW extension. The portfolio has an established operational history having been in operation since 2011/2012 and has been built according to industry best practices. The plants generate a total of about 80 GWh per year, a quantity of energy sufficient to meet the electricity needs of 30.000 families and allow for an annual saving of 43.000 tons of CO2 in the atmosphere.
Tages Helios is the first infrastructure fund launched by Tages Capital, entirely dedicated to the Italian photovoltaic sector and whose total funding target is approximately 250 million Euros. To date, Tages Helios has achieved inflows of €155 million thanks to a first closing last December 2015 and a second one at the end of March 2016. All the main insurance companies participate in the Fund, including Generali, Intesa Vita and Unipol, in addition to the Cassa Forense, the Monte dei Paschi di Siena Pension Fund, Banca Consulia and Banca Patrimoni Sella & C. A third closing is scheduled for next autumn with the aim of increasing the presence among investors of privatized banks, funds pension and banking foundations.
The plants will be managed by Delos Power, a company born from the partnership between Tages Helios and Renam, a leading Italian operator in the asset management sector dedicated to plants for the production of energy from renewable sources with over 200 MW of managed plants. “I am particularly pleased to announce the first acquisition of solar assets of the Tages Helios Fund – declared the President of the Tages group Umberto Quadrino – 9Ren positions the Fund as an important player in the photovoltaic sector in Italy. Tages Helios aims to further contribute to the consolidation of the Italian market, characterized by extreme fragmentation. The quality of the assets purchased, together with their potential for improvement, is in line with the fund's objective of creating value through the consolidation and implementation of industrial best practices”.
Francesco Giuliani, Managing Director of First Reserve added: “With over 100MW developed and built over the years, we are delighted to see Tages' recognition of the value of 9Ren's asset portfolio as an important platform in their industry consolidation drive. Since the beginning of our investment in 9Ren, we have always appreciated the management's ability to grow and become a primary player in the photovoltaic market”. First Reserve was assisted in the transaction by Rothschild, Legance and Deloitte; Tages Capital SGR by Norton Rose Fulbright, PWC and Moroni & Partners.
Tages Helios has also signed an agreement for the acquisition of the Italian plants of SunReserve from the American fund First Reserve: a portfolio of over 101 MW made up of 9 solar parks including the Rovigo plant, one of the largest in Europe with power of about 70 MW and an area of over 850 thousand square meters. The portfolio is completed by the Giuliano plant in Campania of over 20 MW and another 7 solar parks distributed in central-southern Italy. Tages Helios now becomes the third operator in the photovoltaic sector.
