Solar system in southern Italy. Author: Richard Allaway. License: Creative Commons, Attribution 2.0 Generic.
NextEnergy Solar Fund Ltd (LON:NESF) said today it has signed a deal to acquire eight operating solar power plants in Italy with a combined capacity of 34.5 MWp.
The value of the acquisition is EUR 131.9 million (USD 153.5m), including debt and equity.
Five of the plants are located in the region of Puglia and three are in the region of Campania. The assets were connected to the grid between 2010 and 2011 and benefit from feed-in tariffs (FiTs) ranging from EUR 195 per MWh to EUR 318 per MWh. The portfolio will be receiving FiT revenues till 2031.
This is the first international acquisition for the UK solar investor after the firm's investment policy was expanded to Organisation for Economic Co-operation and Development (OECD) countries outside the UK. Italy is a market where NESF's investment advisor, NextEnergy Capital, has experience and local presence.
The deal means NESF has now secured 58 assets with a total capacity of 539 MWp. Completion of the purchase is subject to change-of-control approvals by the portfolio's lenders.