Funding and M&A Roundup Solar Developer Amarenco Raises $321 Million

European Energy, a solar project developer, signed an agreement with IREN, an Italian energy group, to sell the ready-to-build 20.39 MW Noto solar project in Sicily. This agreement falls within the framework of the partnership signed between European Energy and IREN in January 2022 concerning the pipeline of more than 437.5 MW photovoltaic projects on sites in Lazio, Puglia and Sicily.

Knud Erik Andersen, CEO of European Energy, said, “The divestment of the Italian solar park at Noto and Pachino consolidates the commercial collaboration we entered with IREN in 2022. Our greenfield project development in Italy is evolving rapidly these years, and we must collaborate with partners like IREN, who have the expertise and competencies to build and operate the plants. We will follow our strategic plan related to renewable energy in Italy to continuously develop projects with solar PV, wind and green hydrogen.”

Luca Dal Fabbro, IREN’s Chairman: “With today’s transaction, we are not only confirming IREN’s commitment to pursue its development in the direction of the ecological transition as outlined in the latest Industrial Plan, but we are also proceeding at a rapid pace toward achieving the set targets of 3.6GW of renewable capacity by 2030, or 75% of total generation capacity. Moreover, thanks to this operation, we are also present with photovoltaics in many Central and Southern Italy regions, from Lazio to Sicily, passing through Puglia and Basilicata.”

According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022. Grenergy, a solar, wind and storage project developer, recently agreed to sell its 150 MW Belinchón solar project in Spain to a European IPP. Net proceeds to Grenergy amount to €83 million (~$90.75 million) (equity value).