Glennmont Partners, a clean energy fund manager, acquired a portfolio of seven solar PV projects totaling 65 MW in Basilicata, Italy.

The projects in the Basilicata region of Italy will be built in two clusters, with the first expected to begin construction in early 2024 and the other in the second half of 2024. The projects are expected to be commissioned in the first half of 2025 and the second half of 2026.

The terms of the acquisition were not disclosed. The acquired portfolio consists of photovoltaic (PV) projects located in the Basilicata region of Southern Italy. All of them will be installed on industrial land, which makes the schemes eligible for taking part in auctions for feed-in-tariffs held by network agency Gestore dei Servizi Energetici GSE.

Once fully operational, the PV parks will generate around 115,000 MWh of electricity annually.

Francesco Cacciabue, Chief Financial Officer at Glennmont Partners, said: “The acquistion will provide clean, low-cost power in Southern Italy and significantly contribute to the country’s decarbonization goals. “Our team has over a decade of experience investing in the Italian renewables market. This means we are well-placed to maximize the value from these projects, which are eligible for the GSE auctions.”

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.

Tages Capital SGR, an independent energy infrastructure investor and solar project operator through the Tages Helios II fund, recently acquired an 82 MW solar project in Sardinia, Italy. Located in the province of Cagliari, the solar project is equipped with single-axis trackers. According to Tages Capital, it is one of the largest projects operating in Italy to date. The latest acquisition adds to a portfolio of 12 solar projects with a combined capacity of 103 MW that the Italian firm and its funds own in Sardinia.