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

Hive Energy, a solar project developer, has signed an agreement with GreenIT, the joint venture between Plenitude and CDP Equity, to sell four solar projects with a total capacity of 200 MW.

The financial terms of the transaction were not disclosed.

The new projects will be developed in Apulia, Sicily, and Lazio using agri-voltaic technology, which involves installing raised structures to achieve synergy between agriculture and renewable energy production. Once operational, these agri-voltaic solar projects are expected to cover the electricity consumption of around 150,000 households, contributing to the decarbonization targets in the 2030 National Integrated Energy and Climate Plan.

Stefano Salerno, Italian Country Manager at Hive Energy, commented: “I am delighted that we have reached this important milestone of successfully signing our first solar PV projects deal in Italy. We welcome this relationship with GreenIT, which has been very positive for Hive and look forward to these projects helping to accelerate the energy transition in Italy.”

Mike O’Neill, CEO of Hive Renewables, stated: “Signing the first sale transaction in a market is always a significant step, especially with such an important investor as GreenIT. It is testimony to the quality of development work undertaken by Stefano, the wider team and Hive’s local partners.”

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.

CEE Group, a Germany-based asset manager, recently acquired a 103.5 MW ground-mounted solar project in the province of Groningen, the Netherlands, from Ecorus Group, a solar project developer. The project is currently under construction. Ecorus is also the EPC partner for the construction of the solar project. Ecorus, the project developer, signed and closed the purchase agreement in February 2023. Both parties have agreed not to disclose the purchase price.