February 6 (Renewables Now) - Terra Firma Capital Partners Ltd has fired the starting gun on the process to sell Italian solar power producer RTR Rete Rinnovabile, Reuters reports, quoting multiple sources.
The London-based buyout firm has sent out information documents to possible suitors, one of the insiders has said. Another one told the news agency that pre-marketing would commence soon and full data would be provided to interested parties early next month.
Terra Firma is receiving advice from UniCredit, JP Morgan and Jefferies.
RTR owns 132 solar parks in Italy with a combined capacity of 332 MW. The company could be worth over EUR 1 billion (USD 1.24bn), Reuters said, adding that its core earnings exceeded EUR 135 million in 2017.
When first reporting on the process last year, Reuters said, again quoting sources, that EF Solare Italia, a joint venture between utility Enel SpA (BIT:ENEL) and infrastructure fund F2i, was seen as a frontrunner in the race. Now, informed people have told the news agency that, in addition to several investment funds, some oil companies may also be interested in a transaction.
(EUR 1.0 = USD 1.236)