Athena gets binding offers for interest in 205-MW renewables portfolio

The Monte Grighine wind farm in Italy. Source: Athena Investments

May 8 (Renewables Now) - Ardian Infrastructure and Glennmont Partners have made binding offers for the ownership interests held by Athena Investments A/S (CPH:ATHENA) in certain Italian and Spanish renewable energy assets totalling 205.5 MW.

Ardian and Glennmont are interested in buying Athena’s 50% stake in the 98.9-MW Monte Grighine wind farm in Italy as well as 100% of five other plants, more details of which are available in the table below.

Name Type Capacity Location Interest
Monte Grighine Wind 98.9 MW Italy 50%
Cerveteri Solar 8.7 MW Italy 100%
Nardo Caputo Solar 9.8 MW Italy 100%
La Castilleja Solar 9.8 MW Spain 100%
Conesa Wind 30 MW Spain 100%
Minerva Messina Wind 48.3 MW Italy 100%

The suitors are offering a total purchase price of EUR 90.9 million (USD 101.8m).

Athena said in a statement that it will review the binding offers together with its relevant advisers.

In December 2018, Athena announced an award of EUR 7.4 million in an arbitration procedure against Italy related to changes in the country’s renewable energy legal framework. Just a month earlier it won a similar case against Spain.

(EUR 1.0 = USD 1.120)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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