Bluefield Partners LLP’s Partnership With Arcano Capital To Launch A Co-Investment Vehicle Focused On Italian Operational Solar Assets

Osborne Clarke, Mazars, AKD Luxembourg and Wildgen have advised Bluefield Partners LLP, while Cuatrecasas advised Arcano Capital, SGIIC, S.A.U on the deal.

Bluefield Partners LLP, a UK based investment adviser, and Arcano Capital, SGIIC, S.A.U, have announced the launch of an Italian Co-Investment “special situation” vehicle, focused on Italian operational solar assets.

The vehicle, Bluefield Revive Italia I Srl (the Italian holding), will target the acquisition of solar energy assets located in Italy with technical, financial or operational underperformance, with the aim of performing turnaround activities on the assets.

The vehicle will be advised by the Bluefield Group, with its Italian service companies providing asset management and advisory services. Their technical, financial and operational expertise will be used to implement the vehicle’s investment strategy and enhance the operational capacity of distressed assets.

The vehicle was founded by Bluefield Revive Solar SCSp and Arcblue Solar, SICC, S.A. Bluefield Revive Solar SCSp is a Luxembourg Alternative Investment Fund (AIF) funded by professional and institutional investors, sponsored by the London based investment adviser Bluefield Partners LLP and managed by its general partner Bluefield Lux GP S.à r.l.

Arcblue Solar, SICC, S.A is a Spanish special co-investment vehicle sponsored by Arcano Earth Fund, FCR and some of its LPs, managed by Arcano Capital SGIIC S.A.U., Arcano Partners´ management company.

Bluefield was assisted by Osborne Clarke, with partner Umberto Piattelli (Picture), in the negotiation of the investment and shareholders agreement with Arcano and in the setting up of the Italian holding and corporate structure.

Bluefield was also supported by Mazars, with the partner Giovanni Crenna, for tax aspects in relation to the Italian structuring.

Arcano was assisted by Cuatrecasas, with the partners Jorge Canta and Paz Irazusta, and associate Ana Serrano, in the negotiation of the investment and shareholders agreement with Bluefield and for the establishment of the investment platform in Spain.

In relation to the structuring and establishment of the platform in Luxemburg, Bluefield was assisted by AKD Luxembourg S.à r.l. Virginie Leroy and Jevgeniy Nesch, both Partners in Investment Funds Practice, who assisted with all fund, regulatory and legal aspects for the launch of the Luxembourg private equity fund. Tax elements were supported by Lionel Bonifazzi, Partner of Wildgen and Pablo Umbon-Manzano, Director of Wildgen.

Involved fees earner: Virginie Leroy – AKD; Jevgeniy Nesch – AKD; Jorge Canta – Cuatrecasas; Paz Irazusta – Cuatrecasas; Ana Serrano – Cuatrecasas; Umberto Piattelli – Osborne Clarke; Lionel Bonifazzi – Wildgen; Pablo Umbon-Manzano – Wildgen;

Law Firms: AKD; Cuatrecasas; Osborne Clarke; Wildgen;

Clients: Arcano Capital, SGIIC, S.A.U; Bluefield;

Federica Tiefenthaler

Author: Federica Tiefenthaler