Basalt launches Italian solar investment platform

UK investment fund Basalt Infrastructure Partners II LP has established a new platform to invest in small-scale solar projects in Italy.

The Mareccio Energia platform has been set up with the initial objective of acquiring 100 MW of small-scale solar parks in Italy in partnership with sponsor, LCF Alliance, and operating partner, solar developer Belectric.

The platform is already progressing with transaction documents for the acquisition of 30 assets, with that number planned to grow in the October-December quarter of 2017. 

An Ashurst cross-border team from London and Milan has advised Basalt Infrastructure Partners on the launch of Mareccio Energia.

Rob Gregor, managing partner of Basalt, said:

“We are excited by the opportunity to establish this scalable platform as it enables us to aggregate assets in what is a very fragmented market. Mareccio also provides us with the opportunity to build on a successful operational relationship from our first Fund which will help us deliver additional operational value over the life of the assets. The transaction expands upon the team’s existing, successful involvement with solar energy through McEwan Power in the United Kingdom and Hyperion in the United States.” 

Infrastructure partner Jason Radford, who led the Ashurst team, commented:

"Having known the Basalt team for many years, I am delighted that we have closed our first deal for them. Platform transactions of this nature are very much in demand in the infrastructure sector at the moment and Basalt is to be congratulated on securing an attractive and exclusive opportunity to establish an Italian platform with considerable opportunity for growth."