The largest sale of photovoltaic assets ever carried out in Italy could start in January, thus favoring the process of concentration of a sector that is still too fragmented and with state incentives gradually depleting. The private equity operator Terra Firma is trying to speed up the sale of RTR-Rete Rinnovabile, a company that owns a portfolio of photovoltaic plants for 332 megawatts.
This was reported by three sources familiar with the situation, reported by Reuters, adding that the deal's value, in terms of equity value, is 1-1,2 billion euros. The start of the operation, which has been in the pipeline for months, is expected for next January.
According to sources, potential buyers include EF Solare Italia, a joint venture between Enel and F2i.
“Enel-F2i is a natural buyer, but several subjects are looking at the deal. It's a large portfolio, it's going to be a crowded process,” explains one of the sources.
In the sale, Terra Firma makes use of the advice of UniCredit, JPMorgan and Jefferies and after having considered for a long time the hypothesis of selling the assets separately, Terra Firma would have opted for the sale en bloc.
Other potential buyers include Quercus Investment Partners, Tages and Erg. Another source points to the possible involvement of Canadian pension funds and Chinese investors.
Terra Firma, Quercus, Erg and Tages declined to comment. Enel had said in recent months that he would evaluate the operation.
RTR closed 2016 with revenues of 146 million euros, an ebitda of 120 million and debt of around 900 million. The acquisition would be accompanied by debt refinancing.
