Sunwin Energy, a Switzerland-headquartered solar project developer, entered into a framework agreement with an undisclosed European public-listed energy company to develop a 375 MW solar project portfolio in Italy.
The transaction was designed as a conditional sale and purchase agreement for 15 mid-stage solar photovoltaic projects, with individual project sizes ranging between 10 and 75 MW and expected ready-to-build dates between 2023 and 2026.
The financial terms of the agreement were not revealed.
The company’s diverse portfolio in Italy includes projects on landfills, industrial sites, and agricultural land, per the latest guidelines for developing agro-photovoltaic projects.
Sunwin Energy’s Managing Director, Lars Konersmann, said, “We are pleased to enter into this new partnership with an international and reputable player for a significant part of our 1 GW portfolio in development. The cooperation strengthens our position as an experienced greenfield developer in the dynamic Italian market. This transaction gives us the necessary financial capabilities and at the same time we keep our agility as an independent developer.”
Capcora, a German-based consulting company, served as the exclusive mergers and acquisition advisor for the agreement, and Bird & Bird acted as the sell-side legal advisor.
“With an expected deployment of 5.1 GW in 2022 with the lion’s share of solar power, Italy is back among the leading renewable energy markets in Europe, providing a great outlook for solar investments,” said Henning Prigge, Director at Capcora.
Sunwin Energy, a subsidiary of Zurich-based Energie Zukunft Schweiz, advises real estate investors on roof-top solar strategies and develops large ground-mounted solar photovoltaic projects for financial investors. The company operates in Switzerland, Italy, Spain, Germany, and Romania and has projects in the UK, Denmark, and Hungary.
According to Mercom’s 9M and Q3 Solar Funding and M&A Report, in the first nine months of 2022, there were 207 project acquisitions totaling 52.1 GW, compared to 200 project acquisitions totaling 55.5 GW in the same period of last year.