Inframation by Infralogic

EOS Investment Management has agreed to acquire a portfolio of development-stage solar PV projects across Italy requiring a combined investment of up to EUR 400m.

The London-headquartered asset manager said on 6 March it has signed a deal to acquire projects in the regions of Sardinia, Sicily and Apulia, and with a total capacity of circa 380 MW.

The projects are expected to complete part of the permitting process within this year.

EOS IM is investing in the deal via its EOS Renewable Infrastructure Fund II, a greenfield fund which was launched in 2020 and which specialises in the development of subsidy-free renewable energy projects.

The seller is an investment platform controlled by Italian energy developer and investor IGEFI Group.

As part of the deal, the design and development of the solar projects will be handled by renewable developer IM Consulting.

EOS IM was advised by Bird & Bird (legal) and RINA (technical) on the deal. IGEFI was advised by Green Horse Advisory(legal and financial).

EOS Renewable Infrastructure Fund II, which is led by EOS IM's clean energy infrastructure team, currently has some 200 MW of assets in operation or under construction. The team includes EOS IM managing partner and co-founder Natalino Mongillo, senior partners Giuseppe La Loggia and Nicola Beretta Covacivich and investment director Diego Parra.

The fund's LPs include Italian pension funds Cassa Forense, Inarcassa, ENPAV and Fondo BCC, as well as insurance group Reale Mutua, among others.

Last September, EOS IM and asset manager Capital Dynamics began building a new 87 MW solar PV project in the Lazio region, having raised debt from UniCredit and ING earlier in the year.

EOS IM, which has offices in the UK, Italy and Luxembourg has a portfolio of solar and wind projects around Italy. It also has a private equity arm focused on small and medium enterprises.

Press Review