EF Solare Italia (F2i SGR S.p.A.)’s Acquisition Of Renovalia Energy Group


PwC TLS advised Fondi Italiani per le infrastrutture SGR S.p.A. (F2i) on the acquisition of Spanish renewable energy developer Renovalia.

The acquisition, made by the fund’s EF Solare subsidiary, involves about 1,000 Megawatts of solar power, 102 of which come from nine plants already in operation and another 850 Megawatts from projects currently being developed. This capacity is in addition to the 853 Megawatts already generated in Italy by EF Solare, thus bringing its total photovoltaic capacity to over 1,800 Megawatts, making the Italian group one of the top solar energy producers in Europe (the current number one, in fact, manages an installed capacity of 1,500 Megawatts).

The acquisition represents further growth in renewable energy for the Fund – which is also active in wind energy with about 1,000 Megawatts of installed capacity – confirming it as the leader in Italy in the generation of non-programmable renewable energy and among the first in Europe.

With this transaction, EF Solare enters the promising Spanish solar energy market, which is consistent with the 2019 business plan. The Spanish market has considerable growth potential as the Government has committed to increasing the country’s solar capacity fivefold over the next ten years. Renovalia is the fourth largest operator in the Spain in terms of installed capacity and is therefore well positioned to be involved in this new investment cycle.

Spain offers rapid bureaucratic, authorisation and grid connection processes and the Government has just approved legislation extending the current rate of remuneration for regulated activities for the next 12 years, thus creating a stable and favourable regulatory environment.

PwC TLS advised F2I on the deal with a team led by partners Nicola Broggi (Picture) and Emanuele Franchi, assisted by manager Letizia Carrara.

Involved fees earner: Nicola Broggi – PwC TLS; Letizia Carrara – PwC TLS; Emanuele Franchi – PwC TLS;

Law Firms: PwC TLS;

Clients: F2i SGR;