Tages Helios Fund acquires solar portfolio from First Reserve fund
Tages Capital SGR has announced that Tages Helios Fund has signed an agreement for the acquisition of the Italian solar PV assets of SunReserve from First Reserve Infrastructure fund.
The portfolio consists of nine solar parks with a total power capacity of 101 MW.
The portfolio includes the Rovigo plant, one of the largest in Europe with a capacity of about 70 MW in an area of over 850 thousand square meters. Overall, the portfolio generates about 135 GWh per year, enough energy to meet the electricity needs of 50,000 households and reduce annual CO2 emissions by an estimated 72,000 tons.
Tages Helios is the first infrastructure fund launched by Tages Capital which is entirely dedicated to the Italian photovoltaic sector, with a fundraising target of approximately €250 million (US$280 million).
To date, the Tages Helios Fund has raised €155 million (US$173.5 million) through a first closing in December 2015 and a second closing at the end of March 2016. Notable investors include large insurance companies such as Generali, Intesa Vita and Unipol, as well as other Italian investors including Cassa Forense, Monte dei Paschi di Siena Pension Fund, Banca Consulia and Banca Patrimoni Sella & C.
A third closing is scheduled for the next autumn, where we expect participation of other large investors including pension funds and bank foundations.
The SunReserve portfolio will be managed by Delos Power, partnership between Tages Helios and Renam, leading Italian player in the management of renewable energy plants, with more than 200 MW under management.
Norton Rose Fulbright, PWC, Eos Consulting and ValeCap were the advisors of Tages Capital SGR.
BofA Merrill Lynch, Ashurst and Deloitte have acted, respectively, as exclusive financial advisor, legal advisor and accounting & tax advisors to First Reserve Infrastructure.
Umberto Quadrino, Chairman of Tages Group, stated:
“I am particularly pleased to announce this second major acquisition of the Tages Helios Fund, for the large size and quality of the plants in its portfolio. This transaction, which follows the purchase of the 9REN portfolio, places Tages as a leader in the Italian PV sector, with aunique mix of plants of large and medium size. The operating structure of the acquired companies, together with specific skills within Delos Power, will provide a technical platform of great potential for future further growth. Tages Helios aims to play a leading role in the consolidation of the Italian market, which is highly fragmented”.
Adi Blum, Managing Director of First Reserve added:
“Having built the Rovigo solar PV facility in 2010 and growing the portfolio into one of Italy's largest solar PV portfolios, First Reserve is pleased to now be passing these unique assets to Tages, a group which we believe will be a key participant in Italian renewables for years to come. First Reserve is happy to have contributed to the maturation of Italy's solar PV industry and to have helped supply Italy's electricity needs while reducing carbon emissions.
