Paris-based private investment house Ardian has completed the acquisition of a solar photovoltaic (PV) pipeline under development in Italy with around 100 MW of capacity.
The deal was made through renewable energy fund Ardian Clean Energy Evergreen Fund (ACEEF), the French investor said on Friday. Comprised of three PV projects located in Sardinia, the portfolio was purchased from Atlas and Heron Advisory.
The solar schemes will be implemented under the agrovoltaic model, combining existing agricultural and sheep farming activities with the generation of PV energy.
At present, ACEEF has total control over the special purpose vehicles (SPVs), while the full investment will be completed once all the necessary authorisations are obtained.
The acquisition boosts the fund's wind and photovoltaic assets in Italy to 283 MW.
With the new trio, ACEEF now has 13 companies under its belt, with over 1 GW of wind and solar assets in Europe and the Americas.
Ardian launched the fund in April, targeting EUR 1 billion (USD 1.02bn) of investments in renewable energies in its first cycle. Apart from wind and solar energy, ACEEF seeks to invest also in hydro, biogas, biomass, storage and energy efficiency assets.
(EUR 1.0 = USD 1.019)
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