Investors line up to back 1.9-GW solar portfolio in Italy, Spain
Solar park in Italy. Author: Solar Farm - Solar energy power plants. License: Creative Commons, Attribution 2.0 Generic
Alternative asset management firm Alantra has launched a 1.9-GW solar investment platform in partnership with Spanish renewables developer Solarig and with the backing of French asset manager Amundi Energy Transition and Swiss infrastructure asset manager Reichmuth.
Solarig is contributing more than 50 photovoltaic (PV) projects, most of which located in Italy and the remainder in Spain, that will gradually become shovel-ready over the next 18 months and come onstream by the end of 2025.
An investment vehicle, called N-Sun Energy, has been set up to acquire this portfolio for EUR 1.7 billion (USD 1.8bn) in a mix of EUR 700 million equity and EUR 1 billion debt. The projects will be acquired as they reach ready-to-build status. The vehicle has already purchased the first eight plants totalling 330 MW.
Reichmuth and Amundi have become strategic co-investors and have committed up to EUR 265 million to the vehicle.
Jacobo Llanza, chief executive of Alantra Asset Management, said the initiative is in response to strong interest from investors in renewable energy.