Enel Green Power (EGP), the renewable branch of Italian energy group Enel, and Italian infrastructure fund F2i have created a joint venture dedicated to solar photovoltaic power. The joint venture aims to take advantage of the consolidation currently under way in the Italian PV market by bringing together operating PV solar plants owned by different financial institutions and private operators. Enel Green Power and F2i will each transfer 105 MW of solar PV assets to the joint venture, that will operate 210 MW of PV capacity and aims to become a leader in the Italian PV market.
EGP has an option to acquire an additional 2.5% of the joint venture, which would give it control. The agreement also gives F2i the possibility of contributing by 2016 an additional 58 MW of capacity, with EGP making an additional cash injection to maintain the two partners’ equal stakes in the joint venture.
The transaction, which is expected to close by the end of 2015, is subject to the approval of the EU antitrust authority and other standard conditions precedent.
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