Capital Dynamics, a private asset management firm, has acquired 170 MW of construction-ready solar photovoltaic projects located in Sicily, Italy, from a global energy service provider. The projects will be supported by long-term power purchase agreements.
Once operational, the projects are estimated to generate approximately 324 GWh of clean energy per annum – equivalent to over 87,000 tonnes of avoided CO2 emissions and enough electricity to power over 63,500 homes annually.
The additional investment will increase Capital Dynamics’ gross annual generation capacity in Italy to reach ~1 TWh per year, making it a solid contributor to Italy’s energy mix. The projects will employ local contractors for both the construction and operational phases and commit to investing about EUR 1.8 million (~$1.9 million) in local community support.
Green Horse Advisory and Gianni Origoni & Grippo Partners acted as legal counsel to Capital Dynamics on the acquisition, while EOS Consulting and Everoze Partners acted as technical advisors. PwC assisted with the tax and financial due diligence.
“We are pleased to continue expanding our portfolio of subsidy-free solar assets in Italy, which remains one of the most exciting solar markets in Europe,” said Dario Bertagna, Co-Head of Capital Dynamics Clean Energy. “Thanks to this additional acquisition, our Italian subsidy-free footprint increases to over 500 MW, demonstrating our commitment to being a major supporter of Italy’s energy transition”.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Enea, a renewable energy company, recently acquired the 35 MW Genowefa solar project from PAD RES, a joint venture between Kajima Europe and Griffin Capital Partners in Poland. The project is located near Kleczew, Greater Poland, Voivodeship. It is expected to produce more than 35,000 MWh of green energy annually in its first years of operation, providing clean energy for approximately 17,500 households. The construction began in April 2022.