November 21 (Renewables Now) - Italian alternative investment manager Green Arrow Capital SGR (GAC) has bought a 70% stake in a 55-MWp portfolio of five already operational wind farms in its home market.
The holding was acquired from the Lazzari & Lucchini SpA Group (L&L), which is the developer and builder of the assets and will remain a minority investor. The financial terms of the deal were not disclosed.
In addition, GAC will also take the majority in two “ready-to-build” wind projects in southern Italy which are expected to be fully operational by 2024.
The company noted that the wind farms will produce enough clean electricity to supply more than 26,000 families and offset 66,250 tonnes of carbon dioxide emissions per year.
The transaction marks the first wind power investment of GAC’s Green Arrow Infrastructure of the Future fund (GAIF). The Italian investment firm already manages 100 MWp of wind projects in Italy and Spain through other funds. At the beginning of 2022, the company acquired 508 MW of ready-to-build solar projects in Spain through GAIF.