Non-binding offers for Renvico are expected by the end of May. Renvico is a group that owns wind farms in Italy and France and is controlled by Macquarie European Infrastructure Fund 4, managed by Macquarie Infrastructure and Real Assets, a division of Australia’s Macquarie Group. Enterprise value is said to be around 400 million euros and equity value around 150 millions, as the group owns plants with a total capacity of 334 MW.
In recent days, in fact, the advisor Rothschild sent the teasers to potential interested parties and will send the info memos by the end of the month, expecting non-binding bids within the following month (see Reuters here).
The dossier is said to be at the attention of industrial subjects such as Italy’s Erg and A2A and France’s Engie and of private equity funds specialized in renewable energies such as Quercus and Tages.
Founded in 2015, after the acquisition of Sorgenia Green by the Macquarie fund (see the press release at the time), Renvico owns the plants in France in a 50/50 joint venture with KKR, with the latter which is said not having decided whether to sell his part yet. The last acquisition in Italy by Renvico was the one of the Matera II wind farm, with 29.7 MW of installed capacity located in Le Reni (Matera, Basilicata), acquired in June 2017 from Asja Ambiente (see here a previous post by BeBeez).