Capital Dynamics, a global asset management firm, acquired 110 MW solar projects in Italy. The portfolio consists of three solar projects. Out of which, two of the assets were acquired in September 2022 and have begun construction and are expected to reach commercial operations in Q3 2023. The third asset, acquired in March 2023, is scheduled to start construction in Q3 of this year and become operational in 2024. The projects will be supported by long-term power purchase agreements.
Once operational, the projects are estimated to generate approximately 220GWh of clean energy per annum – equivalent to 59,180 tonnes of avoided CO2 emissions and enough electricity to power over 43,000 homes annually. Local contractors will participate in the construction and operational phases of the projects, which are expected to employ workers from the local area.
The three projects are also committed to investing €2.5 million (~$3 million) in local community support.
“We are thrilled to expand further our portfolio of assets that now includes 323MW of subsidy-free renewable energy projects in Italy. “We continue to see significant opportunities for clean energy investments in Italy and look forward to supporting the energy transition through our investment and management expertise,” said Dario Bertagna, Co-Head of Capital Dynamics Clean Energy.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW. CEE Group, a German-based asset manager, recently acquired a 53 MW solar project in the Netherlands from BayWa r.e., a subsidiary of Munich-based BayWa.