One of the largest solar groups in Europe is born, with over 1,800 Megawatts of installed and authorized capacity.
Milan, April 23rd 2020 – F2i, the leading Italian infrastructure fund, announced today it has completed its acquisition of Spanish solar energy company Renovalia from an affiliate of Cerberus Capital Management, L.P. (“Cerberus”). The agreement was signed and announced last December. The acquisition, made by the fund's EF Solare subsidiary, of one of the main Spanish players involves about 1,000 Megawatts of solar power, 102 of which come from nine plants already in operation and another 879 Megawatts from authorized projects currently being developed. This capacity is in addition to the 853 Megawatts already generated in Italy by EF Solare, thus bringing its total photovoltaic capacity to over 1,800 Megawatts, making the Italian group one of the top solar energy producers in Europe.
The acquisition represents further growth in renewable energy for the Fund - which is also active in wind energy with about 1,000 Megawatts of installed capacity - confirming it as the leader in Italy in the generation of non-programmable renewable energy and among the first in Europe.
EF Solare will hold a 100% stake in Renovalia and José Manuel Olea has been confirmed as CEO. As part of the transaction, Cerberus has retained projects under development in Spain and agreed asset management services with Renovalia, supporting Cerberus’ continued engagement in the sector.
With this acquisition, F2i confirms its role in supporting the growth and the international development of the Companies in its portfolio, providing them strategy and financial support to become main players in the Europe.