- Press Releases
July 3 (Renewables Now) - Italian private equity firm F2i SGR SpA is in exclusive talks with insurer Predica, part of Credit Agricole SA (EPA:ACA), over the sale of a 30% stake in local solar farm operator EF Solare Italia, Reuters reported today, citing people in the know.
Predica could pay EUR 1 billion (USD 1.1bn) for the stake, according to one of the sources. The COVID-19 pandemic has slowed the discussions but a deal could be reached after the summer, one of the sources was cited as saying. Another source has said that EF Solare could be worth over EUR 3 billion including debt.
EF Solare 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. With the acquisition of Spanish solar power producer Renovalia Energy SA, closed in April, EF Solare's capacity exceeds 1,800 MW.
F2i was said in January to have appointed Rothschild to advise it as it looks for a buyer.
(EUR 1.0 = USD 1.123)