Independent power producer Solar Ventures Srl and private equity investor Zouk Capital LLP have partnered to jointly develop a portfolio of subsidy-free solar photovoltaic plants in Italy.

The two companies are initially targeting a portfolio with a total capacity of approximately 120 MWp, according to a news release. The projects are currently in the mid-development stage and funding from the two companies will enable the construction of the plants.

"We see subsidy-free renewables as one of the major trends in the European power sector during the years to come and are pleased to be part of this trend through this transaction," said Massimo Resta, partner at Zouk Capital.

Zouk Capital was supported by Legance as legal advisers and RINA as technical advisers, while Solar Ventures worked with ARMON Capital Advisory as financial advisers on the transaction.