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Enel Green Power divests interest in Italian solar joint venture

Enel Green Power sold its 50% interest in the joint venture EF Solare Italia to its venture partner Fondi Italiani per le Infrastrutture Societa' di Gestione del Risparmio S.p.A., or F2i, for €214 million, subject to adjustments.

The transaction is part of the Enel SpA subsidiary's strategy to reallocate financial resources to greenfield renewable projects instead of acquiring already operating assets, the company said in a news release Dec. 21.

"With this sale, we are leveraging on the favorable market scenario for solar assets in Italy to free up resources supporting the development and construction of new projects," Enel Green Power head Antonio Cammisecra said in the news release. "At present, we are scouting for renewable projects in Italy, to be ready to couple greenfield development in the country with our other growth opportunities, which are plant repowering and continuous technological innovation."

EF Solare was created in 2015 to manage and acquire operating solar facilities in Italy and now has an enterprise value of about €1.3 billion, composed of about €430 million of equity value and approximately €900 million of third-party debt.

The joint venture has 130 operating photovoltaic projects across the country with a total installed capacity of 410 MW.

In April, Enel Green Power and F2i agreed to refinance the debt of their joint venture.

In July, private equity firm Terra Firma Capital Partners Ltd. struck a €1.3 billion deal to sell Italian solar energy platform RTR to the Third Fund of F2i. F2i plans confer all photovoltaic assets held by its Third Fund to EF Solare Italia by the end of 2018.