Prothea advises on the acquisition of a 16,3MWp Italian solar PV portfolio

Prothea has recently announced that a partnership between Econergy and Equitix successfully completed the acquisition of a 16.3 MWp portfolio from a UK based clean tech fund.

The transaction was executed by means of transfer of the 100% shareholding of the seller’s investment company, holding quota in the five Italian project companies.

The portfolio includes nine solar PV plants and benefits from Italian subsidies, in the form of feed-in-tariff. A mix of leasing and project financing facilities by primary Italian Banks originally financed the projects.

Prothea was involved in the transaction as M&A and financial advisor of the buyers while the legal due diligence activities on the plants and the companies was executed by law firm Agnoli & Giuggioli (A&G), led by the lawyers Giulio Giuggioli and Roberta Ardigò. The technical Due Diligence was performed by Moroni & Partners.

Prior to the completion of the transaction, Prothea and A&G assisted the buyer in the negotiation and underwriting of R&W Insurance with AIG.

David Armanini, Managing Director of Prothea said: 

“The acquisition of such an articulated portfolio in terms of technologies, financing arrangements and transaction structure required strong analytical, managerial and problem solving skills. We are delighted to have assisted again Econergy in expanding its Italian solar portfolio and Equitix in completing its first investment in the sector in Italy. We intend to work together more closely in the future and are currently reviewing further opportunities for cooperation”