The transaction bolsters Bluefield’s presence in Southern Italy and marks the final acquisition of the Revive fund prior to the refinancing process
In combination with Bluefield Italia Srl, Bluefield Revive Italia l Srl (“Revive” or the “Vehicle“) is pleased to announce that Project Silver has reached financial close.
Project Silver consists of three operational ground-mounted solar PV plants located in the Puglia region of southern Italy. The acquisition was supported by Kiwa for technical due diligence, Advant NCTM as legal advisor, and Deloitte as financial and tax advisor.
The acquisition further increases Bluefield’s presence in the Puglia region.
Following the completion of this acquisition, our in-house asset management team have been focusing on preparation for optimising the Revive portfolio and identifying assets suitable for revamping or repowering, to enhance energy yields.
In the process of management of the assets, the Bluefield team is now working to also refinance the entire Revive portfolio, through which the group aims to optimise the capital structure of the Vehicle.
Alberto Paturzo, Partner, Head of Southern Europe said:
“I am particularly pleased to announce this new acquisition of three solar assets by Revive which brings us to 48 plants and 26 SPVs. With the closing of this acquisition, Bluefield consolidates its position in the Italian photovoltaic sector, which remains fragmented. The quality of the assets, along with their potential for improvement, perfectly fits with the aim of the Revive vehicle, to optimise and implement industry best practices such as revamping and repowering, with a view to creating additional value through consolidation. To this end, the refinancing portion of these operations, through which we will partner with leading Italian and international banks, will be the final step during which we expect to raise further capital to invest in this interesting sector full of opportunities.”
Ferruccio Leandro Chiesi, Investment Director, Southern Europe said:
“This is another exciting acquisition made for the Revive portfolio and the final one prior to the commencement of the refinancing process, which will create additional value. This acquisition adds value to the existing portfolio in terms of production capacity and extension possibilities, with further value-add potential through revamping and repowering.”
For further information:
Bluefield Partners LLP
Liam Wyatt, Associate Marketing Manager
Tel: +44 (0) 7719 523 416
www.bluefieldllp.com
Bluefield Italia Srl:
Alberto Paturzo, Partner, Head of Southern Europe
Tel: +39 06 9779 7145
info@bluefieldtalia.com