The EOS Energy I fund (formerly Efesto fund) managed by EOS Investment Management (the UK-based manager of alternative funds founded by Ciro and Natalino Mongillo), sold 27 solar and wind power plants located in Italy with a total power of 32 MW at price of around 80 million euros (see the press release here). The acquiror is Prejeance Industrial, an independent investment manager in renewable energy based in France, controlled by Asterion Industrial Partners, an independent Spanish manager focused on the European infrastructure market.
The plants sold came into operation between 2008 and 2013, generate over 64 GWh per year and are able to meet the annual energy needs of 24,000 households, saving over 28,000 tons of CO₂ compared to fossil sources. equivalents. In the transaction, EOS IM was assisted by Grimaldi Studio Legale as legal advisor, Gatti Pavesi Bianchi Ludovici as tax advisor, EOS Consulting as technical advisor. Prejeance was supported by BonelliErede as legal advisor and Protos as technical advisor.
The transaction follows the significant sale of last year, when EOS IM sold 23 plants also in Italy for a total of 17 MW to Obton, a Danish group leader in investments in sustainable technologies and the largest investor in solar parks in Northern Europe.
The EOS Energy I fund is the first infrastructure fund promoted by EOS IM with a portfolio of photovoltaic and wind plants acquired between 2014 and 2018. The portfolio consisted of a total of 57 plants (solar and wind) for a total of 65 MW of power, was valued at around 250 million euros and was on the market since the beginning of 2019 (see here a previous article by BeBeez). There are now only 7 assets left to sell.
Natalino Mongillo, co-founder and partner of EOS IM, commented: “The enhancement of this second cluster underlines once again the strength of our value creation strategy that leads the EOS Energy I fund to achieve significant returns for its investors, and, at the same time, contribute to decarbonisation. For EOS IM, Italy is a very attractive country, the market of which our team has a deep knowledge of, as well as a unit dedicated to maximizing the operational performance of assets. ”
The EOS Energy I fund was dedicated to the purchase of energy production plants from renewable sources already in operation and distributed only on the Italian territory. In October 2020, EOS IM launched the second EOS ReNewable Infrastructure II fund, focused on the entire Europe, even if with particular positioning in Italy, and developing new plants in grid parity, without subsidies and able to compete with traditional sources. The vehicle, with a fundraising target of 250 million euros, was initially launched under the name EOS Energy Fund II Sicaf RAIF and was then renamed EOS ReNewable Infrastructure II. Among the investors there is also Cassa Forense, which, as shown in the FY 2019 Statements, has committed 20 millions. The fund invests i (see here a previous article by BeBeez).
Last January EOS IM, through this fund, within the framework of the Clean Energy Infrastructure strategy, and Capital Dynamics acquired the authorizations for the construction of three new large projects in grid parity (without state incentives) in Lazio, for a total capacity of 87 MW, which will guarantee the equivalent annual needs of 63,000 households, with a saving of over 100,000 tons of CO₂ compared to the use of fossil fuels (see here a previous article by BeBeez).
For its part, Prejeance Industrial is a French investor in the renewable energy sector. The company is interested in investments in greenfield and brownfield assets with large equity tickets. Its partnership with Asterion Renewables France (co-shareholder of Prejeance Industrial with Prejeance Capital Partners) has strengthened it financially, in order to develop a partnership strategy and consolidate its position as a European player with a long-term vision. Prejeance Industrial focuses on projects with a positive environmental and social impact, differentiating itself on the market through a personalized offer, with the aim of creating unique and promising opportunities on the European renewable market.
We recall that a few days ago Asterion Capital secured control of 94.7% of Retelit following the totalitarian takeover bid closed on 1st October after the reopening of terms on 27 September (see here a previous article by BeBeez).