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Acquisition of a 7.2MW Solar Portfolio in Italy

3 min read time

Bluefield Italia Srl (‘Bluefield’)

‘Sets Sights on Expansion to 10MW’’

Advised by Bluefield Italia Srl, Bluefield Revive Italia l Srl (the “Vehicle“), is pleased to announce the acquisition of Project Brindisi from UK renewable energy developer Elements Green. This 7.2MW solar portfolio, located in the Puglia region of Southern Italy, serves to expand and diversify the Vehicle’s investments within a market aiming to derive two-thirds of its electricity from renewable sources by 2030.

The portfolio comprises ten operational solar plants, established between 2009 and 2010, benefitting from Italy’s II Conto Energia subsidy scheme, controlled via a holding company in Germany. This acquisition presents two primary advantages: firstly, existing permits facilitate the expansion of the portfolio’s capacity to nearly 10MW through strategic upgrades. Secondly, full land ownership affords Bluefield enduring stewardship of these assets and the autonomy to implement comprehensive strategies for their indefinite operation.

Alberto Paturzo, Managing Director Southern Europe of Bluefield said: “It has been great to transact with a player such as Elements Green. The groundwork laid by them for Project Brindisi is commendable, providing us with a solid foundation to further amplify the portfolio’s operational efficiency and lifespan.”

Green Horse Legal Advisory acted as the transaction’s deal counsel covering Italian matters, whilst Heuking acted as legal advisor for German matters. Kiwa-Moroni acted as Technical Advisor. Other advisors of the deal included: HWF as Insurance Advisor and Mazars Group as Finance and Tax advisor covering Italy and Germany.

Following the Vehicle’s final closure in August 2023, this acquisition broadens Bluefield’s foothold in Southern Italy and enhances a rapidly growing AUM. In alignment with the Vehicle’s strategic direction, the portfolio holds significant potential for revamping and repowering, aligning well with Bluefield’s investment criteria and enhancing the appeal of the transaction. Bluefield’s integrated team, spanning diverse expertise in investment, asset management, finance, engineering, and monitoring, recognised and capitalised on the intrinsic potential within this portfolio, leading to its strategic acquisition.

Paturzo concluded: “Through this strategic move, our position in the Italian renewable sector is strengthened. Our focus now is on implementing our revitalisation strategies on the assets for the benefit of the communities and accelerating the energy transition in Italy.”

About Bluefield

Founded in 2009 and based in London, The Bluefield group of companies provides M&A, asset management, development and construction management services throughout the lifecycle of the renewable assets under management, specialising in greenfield and brownfield solar PV, onshore wind, and battery storage.  With over a decade in the sector, Bluefield has developed a comprehensive platform covering investment, asset management, and technical services to speed up the shift to clean energy and net zero.

As it stands, Bluefield manages assets worth over €1.7 billion across the UK and EU, with a keen eye on shareholder interests. The company employs around 150 people across the UK and Europe, all committed to safeguarding assets and delivering profit with purpose for a sustainable future.

About Elements Green

Elements Green is a global solar and energy storage developer. The team in Elements Green has a 15-year development track record in the UK, EU and internationally. Elements Green has a current greenfield development pipeline in excess of 7.5GW with land and grid secured.

With a pedigree dating back to 2008 and head-quartered in London, Elements Green has established a global footprint and a strong reputation for being at the forefront of technological and commercial evolution within the renewable energy sector;

For further information:

Bluefield Partners LLP
Juliet Drinkwater, Investor Relations Manager
Tel: +44 (0) 7562 616 567

Bluefield Italia Srl
Alberto Paturzo, Director for Southern Europe
Tel: +39 06 9779 7145

Media enquiries:
Buchanan (PR Adviser)
Henry Harrison-Topham / Henry Wilson
Tel: +44 (0) 20 7466 5000

Forward-Looking Statements: 

This press release may contain forward-looking statements that are based on current expectations and projections about future events, as of December 2023.  

This press release (Press Release) has been prepared and issued, by Bluefield Italia Srl (Bluefield or the Company), a Limited Liability Company registered in Italy with registered company number MI – 2069253. Bluefield’s registered office address is Via Giovanni Boccaccio 7, Milan, 20123, Italy and its fiscal code number is 09110160968. You can contact Bluefield by post to our registered office address. 


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