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Italy's ACEA buys 25 MWp of solar capacity

Solar system in southern Italy. Author: Richard Allaway. License: Creative Commons, Attribution 2.0 Generic.

July 31 (Renewables Now) - Italian multi-utility company ACEA SpA (BIT:ACE) on Monday said it has acquired 25 MWp of solar power capacity in Italy with contracts secured under the Conto Energia incentive scheme.

More specifically, ACEA bought a stake of 65% in a portfolio of 18 solar parks with a combined capacity of 20 MWp from local renewables company Belenergia, and 100% interests in several other photovoltaic (PV) farms.

The enterprise value for the purchase amounts to some EUR 75 million (USD 83.6m). The assets are seen to increase the company’s annual earnings before interest, tax, depreciation and amortisation (EBITDA) by roughly EUR 11 million.

The acquisition is in line with ACEA’s efforts to grow renewable power generation as described in its 2019-2022 Business Plan, CEO Stefano Donnarumma noted. In that plan, the company set a goal to build a solar PV portfolio of at least 150 MW via the construction of new parks and the acquisition of existing assets. ACEA wants to be a key player in the energy transition.

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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