December 17 (Renewables Now) - Italian asset manager Fondi Italiani per le Infrastrutture, better known as F2i, said on Monday it has agreed to acquire Spanish renewable power producer Renovalia Energy SA from Cerberus Capital Management.
While F2i did not disclose the value of the deal, an informed source has told Reuters that it values Renovalia at about EUR 700 million (USD 780m), including debt.
The transaction will bring in 1,000 MW of solar assets, including 102 MW of operating plants spread across nine locations in Spain and a further 850 MW of projects in development.
Since F2i will take over Renovalia through EF Solare Italia, this will boost the latter's existing portfolio to more than 1,800 MW. EF Solare Italia currently has 853 MW of solar parks in Italy and will now enter the Spanish market, where it recognises considerable growth potential.
“By expanding the scale of our companies' operations, they can now play a leading role in Europe which benefits the entire country,” said Renato Ravanelli, F2i's CEO.