January 22 (Renewables Now) - Rothschild has been selected by Italian private equity firm F2i SGR SpA to help it offload a minority stake in EF Solare Italia in order to reduce its debt, Reuters reported on Wednesday, citing sources in the know.
The unit says it is the largest owner of solar assets in Italy with over 850 MW of capacity in 17 regions. It was a 50/50 joint venture between F2i and Enel SpA until F2i bought its partner's stake in December 2018 for an equity consideration of EUR 214 million (USD 237m).
F2i is now looking to sell a 30% interest, two sources told Reuters. Bids are expected around March or April. According to one of the sources, EF Solar is worth between EUR 2.5 billion and EUR 3 billion, including debt.
F2i will use the funds from the sale to repay loans related to the acquisition of Enel's stake in EF Solar and a recent deal in which the latter bought Spain-based Renovalia Energy Group for about EUR 700 million, according to the report.
(EUR 1.0 = USD 1.11)