Integrated Asset Management and Ecoenery Systems acquire the control of a portfolio of solar plants in Italy

Integrated Asset Management (IAM Group), a London based alternative investment group, and Econergy Systems Ltd., an Israeli investments and management group, have acquired control of a portfolio of solar photovoltaic plants with a total capacity of 34 MW based in Italy.

The consolidated portfolio comprises 11 companies with a total of 30 PV plants, all operating and connected to the grid for an average of 4 years. Econergy was already the asset manager in all 11 companies.

The project companies were acquired with a transaction value in excess of €127 million (US$141.7 million) from Econergy’s partners, such as Enlight Renewable Energy, Noy Infrastructure Fund, Helios Energy Investments, other private investors as well as Econergy’s own managed funds – Econergy Italy PV1 and PV2 Limited Partnerships. The transaction allows the firms to manage the portfolio under a single umbrella.

Simultaneously to the acquisition, the project companies have repaid existing outstanding bank loans and a new senior loan on the new holding level has been procured with attractive pricing, terms and conditions. The new loan was financed by Mediocredito Italiano bank, of the Intesa Sanpaolo group. Banca IMI acted as facility agent.

Econergy and Integrated were assisted by Prothea as exclusive financial advisor, by Bonelli Erede and Agnoli Giuggioli as legal counsels, by D’apollonia and Geosol as technical advisers and by KPMG as auditor and tax advisor. Armon Capital Srl advised IAM Group in the transaction.

Eyal Podhorzer, Director of Econergy, satated:

“This has been a unique transaction in the renewable energy European environment, entailing multiple acquisitions and major refinancing, all at the same time. This transaction is an important milestone for Econergy in its objective to further grow and expand its portfolio and fund management capabilities internationally”.

David Armanini, Managing Director of Prothea, commented:

“We have been assisting Econergy in its growth on the Italian market over the last 6 years and we are delighted to have assisted them in this landmark transaction. We have supported the management team in the execution of every aspect of the transaction tackling all the technical and financial complexity that have led to completion”.

Emanuel Arbib, CEO of IAM Group, added:

"This acquisition represents the culmination of a three-year effort to identify attractive investment opportunities in the solar energy space. We were persuaded that the combination of the 2014 reduction in feed-in-tariffs in Italy, together with record low interest rates presented a very attractive environment for consolidation and refinancing. Having analysed nearly a dozen opportunities we have decided to partner with Econergy to purchase this high quality portfolio. We look forward to expanding our participation in this sector in the coming months and years by facilitating the consolidation of smaller plants and portfolios in Italy and selected European countries."