Bluefield, Arcano Fund Buys 7.2 MW of Italian Solar Parks

Source: www.gulfoilandgas.com 1/10/2024, Location: Europe

Advised by Bluefield Italia Srl, Bluefield Revive Italia l Srl (the “Vehicle“), is pleased to announce the acquisition of Project Brindisi from UK renewable energy developer Elements Green. This 7.2MW solar portfolio, located in the Puglia region of Southern Italy, serves to expand and diversify the Vehicle’s investments within a market aiming to derive two-thirds of its electricity from renewable sources by 2030.

The portfolio comprises ten operational solar plants, established between 2009 and 2010, benefitting from Italy’s II Conto Energia subsidy scheme, controlled via a holding company in Germany. This acquisition presents two primary advantages: firstly, existing permits facilitate the expansion of the portfolio’s capacity to nearly 10MW through strategic upgrades. Secondly, full land ownership affords Bluefield enduring stewardship of these assets and the autonomy to implement comprehensive strategies for their indefinite operation.

Alberto Paturzo, Managing Director Southern Europe Bluefield said: “It has been great to transact with a player such as Elements Green. The groundwork laid by them for Project Brindisi is commendable, providing us with a solid foundation to further amplify the portfolio’s operational efficiency and lifespan.”

Green Horse Legal Advisory acted as the transaction’s deal counsel covering Italian matters, whilst Heuking acted as legal advisor for German matters. Kiwa-Moroni acted as Technical Advisor. Other advisors of the deal included: HWF as Insurance Advisor and Mazars Group as Finance and Tax advisor covering Italy and Germany.

Following the Vehicle’s final closure in August 2023, this acquisition broadens Bluefield’s foothold in Southern Italy and enhances a rapidly growing AUM. In alignment with the Vehicle’s strategic direction, the portfolio holds significant potential for revamping and repowering, aligning well with Bluefield’s investment criteria and enhancing the appeal of the transaction. Bluefield’s integrated team, spanning diverse expertise in investment, asset management, finance, engineering, and monitoring, recognised and capitalised on the intrinsic potential within this portfolio, leading to its strategic acquisition.

Paturzo concluded: “Through this strategic move, our position in the Italian renewable sector is strengthened. Our focus now is on implementing our revitalisation strategies on the assets for the benefit of the communities and accelerating the energy transition in Italy.”


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