F2i won the tender for Rtr and took over the plants owned by Terra Firma, beating the competition from a giant of the caliber of Sonnedix, an international operator with over 700 megawatts installed, active in France, Spain, the USA, Puerto Rico, Chile , South Africa, Japan and Italy and controlled by JP Morgan AM. Waiting for official communications
Going into detail, F2i – assisted by Barclays as lead advisor and by Banca Imi and Société Générale – therefore managed to win 134 plants located throughout the country with an installed capacity of 334 MW as part of the largest asset sale ever made in our country in a key sector such as photovoltaics.
The price of the operation is not yet certain, but according to the rumors reported by Milan Finance, the figure agreed between the Italian fund and Terra Firma should be between 1,3 and 1,4 billion euros. An amount that also includes the Rtr debt, equal to 700 million euro.
A race, the one for the conquest of the 334 MW of Rtr not without twists. In fact, it should be remembered that a few days before the deadline for submitting bids expired, first Eni and then Enel unexpectedly decided to step aside. The departure of the company led by Francesco Starace also raises doubts about the future of EF Solare, the 2/XNUMX joint venture between FXNUMXi and Enel Green Power which until a few weeks ago was given pole position for the acquisition of Rtr.
Indeed, the solo victory of the Italian infrastructure fund could give way to a rebalancing of forces within the JV, a reorganization that could prepare for the exit of Enel, which intends to focus, as an industrial strategy, on greenfield plants rather than on a portfolio of already started plants. In fact, the group has long communicated its intention to use the portfolio of acquired plants, particularly in Europe, for financial management of sales-acquisitions that bring value, aiming instead at large plants supported by long-term contracts on greenfield plants.
