F2i wraps up acquisition of Spanish solar company Renovalia

Solar park in Spain. Author: Som Energia Cooperativa. License: Creative Commons. Attribution 2.0 Generic

April 24 (Renewables Now) - Italian asset manager Fondi Italiani per le Infrastrutture, better known as F2i, said on Thursday it has completed the acquisition of Spanish solar power producer Renovalia Energy SA from Cerberus Capital Management LP.

The value of the transaction was not disclosed but according to a Reuters report from December, Renovalia is valued at about EUR 700 million (USD 758m), including debt.

With this acquisition, made through EF Solare, F2i adds about 1,000 MW of Spanish solar assets, of which 102 MW are in operation and the remaining 879 MW are under development. The purchase will increase EF Solare's installed solar capacity from 853 MW to more than 1,800 MW. 

Cerberus has kept certain projects under development in Spain and agreed to provide asset management services to Renovalia. Jose Manuel Olea will remain as the Spanish firm's CEO.

(EUR 1 = USD 1.083)

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