November 30 (Renewables Now) - A fund managed by Serenissima SGR has acquired Idroemilia Srl, owner of four hydropower assets in Italy with a total capacity of around 7.5 MW.
More specifically, Sinloc Sistema Iniziative Locali Spa and Piacentini Costruzioni announced on Tuesday they have sold the hydropower company to Alps Energy RE Fund.
Idroemilia has two operational hydroelectric plants, one authorised project and one that is pending authorisation. They are located in the provinces of Reggio Emilia and Modena. The company has so far invested some EUR 13 million (USD 15.4m) and is preparing to spend a further EUR 5 million.
International law firm Watson Farley & Williams (WFW) said separately that it has advised two lenders, namely BPER Banca and MPS Capital Services, on the financing documentation relating to a roughly EUR-16-million project financing for Idroemilia, agreed in 2016, that will be amended following the company’s sale.
(EUR 1.0 = USD 1.185)