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Private equity firm Terra Firma selling Italian solar energy platform for €1.3B

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 infrastructure investor Fondi Italiani per le Infrastrutture Societa' di Gestione del Risparmio SpA, or F2i.

Terra Firma developed RTR from a small collection of solar energy assets totaling 144 MW in 2011. Through a series of bolt-on acquisitions, RTR now has an installed capacity of 334 MW across 134 photovoltaic energy production sites in Italy, according to a July 26 news release.

"This is an exciting time in the Italian and European solar energy market, and the new owner has a great platform for accelerated future growth and consolidation," said RTR Chairman and CEO Ingmar Wilhelm.

F2i said in a separate July 26 statement that it plans confer all photovoltaic assets held by its Third Fund to EF Solare Italia by the end of 2018. With the transfer, EF Solare will have installed capacity of more than 800 MW.

Third Fund currently owns a 50% stake in EF Solare. F2i intends to acquire the remaining 50% interest from Enel SpA.

Closing of the acquisition of the Terra Firm plants depends on approval from antitrust authorities.

Terra Firma hired Cantor Fitzgerald, Jefferies, J.P. Morgan, UniCredit, Gianni Origoni Grippo Cappelli & Partners and Moroni & Partner as advisers. Meanwhile, F2i tapped Barclays, Intesa Sanpaolo and SocGen as financial advisers.