Sebastian Montoya
There’s a big focus on Italy in week’s Teaser Energy Europe.
Beyond seven deals announced on Italian soil, the country had a good week on another front: support. The European Commission has approved a €23 billion Italian State aid scheme for renewable electricity production.
The scheme will support the construction of installations generating electricity from onshore wind, solar, hydropower and sewage gas, adding up to 37.15 GW of renewable capacity, around 48% of Italy’s current RES base. The aid comes as variable payments under CfDs, paying a bonus for each kWh produced and fed into the grid against a strike price. Worth following how Italy keeps this momentum going.
Aside from that, it was a busy week for renewables, with European deal flow gathering pace. All the deals are in this edition.
The highlights:
- Masdar has agreed to acquire a 705 MW renewables portfolio from Repsol for €849 million. The deal spans 13 wind farms, six solar parks and a hybridisation pipeline of more than 565 MW across Spain.
- Mitsubishi HC Capital and Brookfield formed a joint venture to acquire and operate contracted renewable assets in Europe. The seed portfolio holds around 570 MW across the UK, Spain, Sweden, Finland, France and Ireland, at an equity value of approximately €400 million.
- Wallenstam signed an agreement to sell its entire wind fleet to Locus Energy, 53 turbines totalling 112 MW, in a company transaction valuing the assets at SEK 830 million.
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Deals breakdown
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Solar
- Italy | Esapro acquires a 70% stake in solar EPC contractor REN Electron from founder Luca Miotti, strengthening its execution footprint in Italy
- Italy | Galileo sold a portfolio of three PV projects in northern Italy, totalling 19 MW, to an undisclosed renewable energy platform
- Italy | Zenith Energy acquired a 5 MWp PV development project. The total land consideration for the project is €440,000
- UK | European Energy sells the operational 15 MWac Trinity Hall Solar Farm in Bedfordshire to Elm Solar Holdings, an entity set up for funds managed by Alpha Real Capital
- Italy | NRGfarm has acquired 90% of two agrivoltaic authorisations from Sud Rienergy
Wind
- Germany | SOWITEC group GmbH has sold the Creußen III wind farm to Stadtwerke Stuttgart. The project has a total installed capacity of 14.4 MW and is expected to generate approximately 34 GWh
- Serbia | Heavy Energy International fully acquires the RTB Alibunar wind project from Emergy. The transaction, first announced in February, includes the project rights for the Alibunar wind farm A and B sites, situated in the Alibunar municipality, with a combined capacity of 168 MW
- Sweden | Wallenstam signed an agreement with Locus Energy to sell all of its wind farms, comprising 53 wind turbines with an installed capacity of 112 MW. The sale is being carried out through a company transaction, with the turbines valued at SEK 830 million
Battery storage
- Germany | Chint Solar Europe sold five BESS projects in Germany, with a combined capacity of 46 MW/180 MWh, to energy trader Second Foundation
- Italy | Eni Industrial Evolution and FIB/Seri Industrial agree an LFP battery-chain platform. Eni acquires 30% of a new FIB company, while FIB retains 70%, linked to cell and module production, stationary storage and BESS assembly in Brindisi, and a planned gigafactory of more than 8 GWh/y by 2029
- Italy | Powy acquires 100% of Raw Charging Network’s Italian EV-charging infrastructure platform, adding 138 charging points across five locations, in what is described as Powy’s first M&A transaction
- Italy | Stoneshield Capital and Solaria create GravyX, a JV platform to develop, execute and operate battery energy storage projects across Italy
- Spain | US-based data centre developer EdgeMode has signed a non-binding agreement to acquire 51% of Spain’s Ibersun Generación. The acquisition includes 52 MW of BESS projects, expected to reach RTB by the end of 2026, and a 1.9 GW pipeline
- UK | CIP announced a partial divestment of its stake in the Devilla battery project, a 500 MW storage system located in Scotland. The acquirers are the Scottish National Investment Bank and the Nuclear Liabilities Fund
Multiple
- Europe | Mitsubishi HC Capital and Brookfield formed a joint venture for a new privately held renewable company that will acquire and operate a diversified portfolio of contracted, operating renewable energy assets in Europe. The seed portfolio comprises approximately 570 MW of installed capacity diversified across the UK, Spain, Sweden, Finland, France and Ireland, with an equity value of approximately €400 million
- Spain | Masdar to acquire a 705 MW portfolio from Repsol for €849 million. The deal spans 13 wind farms (402 MW), six photovoltaic solar parks (303 MW) and a potential hybridisation pipeline of more than 565 MW
