Milan, 5 February 2019 – Tomorrow, February 6th, the Project Finance International (PFI) Award for the “European Solar Deal of the Year” will be presented in London to F2i, Italy’s leading infrastructure fund, led by Renato Ravanelli. The operation for which the F2i team will receive the award during a gala dinner at the Park Lane Hilton is the acquisition – for 1.3 billion euro – of the solar company RTR, together with its 334 MW of operating plants, from the English fund Terra Firma.
The acquisition of RTR, which took place in July of 2018, was Europe’s largest M&A operation in solar energy. F2i’s ability to structure complex operations and put together the market financing at competitive prices allowed the operator to win out over other potential purchasers during a highly competitive process that lasted almost three years, with the participation of numerous Italian and global investors.
Nine banks financed F2i’s acquisition of RTR: Banca IMI, CDP, BNP Paribas, Credit Agricole, ING, Société Generale, UBI Banca, BBVA and Banco BPM. Banca IMI, Barclays and Société Générale served as financial consultants to F2i, while Legance was F2i’s legal advisor and Ashurst served in that capacity for the banks. Deloitte was the accounting consultant, Willis Tower Watson the insurance consultant and EOS the technical consultant.
In addition to the RTR operation, in December of 2018 F2i completed the acquisition of the 50% share of the joint venture EF Solare held by the Italian utility company Enel. Following this last operation, F2i’s fully-owned installed capacity in the photovoltaic sector exceeds 800 MW. "Thanks to the overall scale of production reached through these acquisitions, F2i is now Europe’s third largest producer of electric energy from solar power, and the leader in Italy. What is more, the noteworthy operating and financial synergies of scale achieved will make it one of the most efficient operators on the continent", declared Renato Ravanelli, CEO of F2i.