- The plants are part of the Energy I Fund managed by EOS Investment Management, dedicated to renewable energies and infrastructure
- The plants sold generates more than 64 GWh per year and allows to achieve annual savings of over 28 thousand tons of CO₂, compared to energy produced from fossil sources
London, Paris 1st October 2021 – EOS Investment Management (EOS IM), an international asset manager specialised in alternative investments in private equity and renewable infrastructures focussed on sustainability, through its first fund dedicated to renewable energy and infrastructure, has signed an agreement with Prejeance Industrial, France-based renewable energy investor backed by Asterion Industrial Partners, along with the historical investors and founders company, for the sale of a 32 MW portfolio with an enterprise value of about Euro 80 million, which includes 27 photovoltaic plants in Italy, generating a significant return for its investors.
The plants sold came into operation between 2008 and 2014 and generate over 64 GWh per year, able to meet the annual energy needs of 24,000 households, making it possible to achieve savings, compared to energy produced from fossil sources, of over 28 thousand tons of CO₂.
Energy Fund I is the first infrastructure fund launched by EOS IM, which acquired photovoltaic and wind plants reaching a maximum capacity of 65MW between 2014 and 2018 in addition to a significant energy efficiency project. In December 2020, EOS IM has launched EOS Renewable Infrastructure Fund II, its new generation Fund focused on renewable energy and technologies mainly through greenfield projects with a current portfolio of over 85MW.
Asterion Industrial Partners is an independent investment management firm focusing on European infrastructure.
“We are very happy to have finalised another successful transaction, through a significant divestment to Prejeance. It is really rewarding that a leading international group has once again decided to invest in Italy recognising the value appreciation of EOS Energy Fund I portfolio.” commented Natalino Mongillo, EOS IM Co-Founding Partner. “After the important sale concluded in 2020 with a pan European investor for a total of 17 MW photovoltaic plants, this transaction allows us to achieve even more significant returns for our investors. Italy is an extremely attractive country for EOS IM, where our team has an extensive knowledge of the local market and a dedicated unit aimed to maximize the operational performance of the assets. A new confirmation of the value of the investments in the Real Economy, and in a sector crucial for the ecological transition Italy also aims to.”
“We are delighted with our collaboration with EOS IM. We would like to thank EOS IM for its trust in this landmark deal. This transaction fits perfectly within our strategy to team up with key partners with a view to acquire infrastructure projects and acquire strong roots in the renewable sector. This represents Prejeance first transaction in Italy.” commented Edouard Fabry, Prejeance Industrial Managing Director.
Prejeance Industrial is a French active investor in the Renewable Energy industry. The firm finances projects that have a positive environmental and social impact. Prejeance differentiates itself on the market by proposing a unique offer and methods adapted to partners to create unique and promising opportunities in the European REN market. Prejeance works with all types of partners and companies in order to position itself on a range of diversified assets at different stages. We also thank all the teams involved in the transaction.
EOS IM was assisted by Grimaldi Studio Legale as legal advisor, Gatti Pavesi Bianchi Ludovici as tax advisor, EOS Consulting as technical advisor.
Prejeance was assisted by Bonelli on the legal side and Protos on the technical side.
EOS Investment Management Group
EOS Investment Management Group (EOS IM Group) is an international, independent, multi- strategy group based in London, with offices also in Luxembourg and Milan. EOS IM Group manages alternative investment funds focussed on the real economy and sustainability and reserved to qualified and institutional investors. EOS IM operates at a European level in the private equity and energy infrastructure sector where it’s a recognised forerunner in the transition of investments in renewables in the absence of public incentives (‘grid parity’). EOS Investment Management Ltd is a fund manager under the AIFM European Directive, authorized and regulated by the Financial Conduct Authority – UK and signatory of the UNPRI, the principles for responsible investments supported by the United Nations.
Prejeance Industrial (“PI”) is a French investor in the Renewable Energy Industry. PI targets investments, in greenfield and brownfield assets with large equity tickets. We mainly target investment with majority stakes. PI is a fast-growing Investment Company, with a strong pipeline and an ability to execute quickly.
Our niche strategy and rigorous selection of projects, in a sector with little correlation to the financial markets, allow us to take a long-term view. Our partnership with Asterion Renewables France (co-shareholder of Prejeance Industrial with Prejeance Capital Partners) has strengthened our balance sheet in order to develop our partnership strategy and consolidate our position as a European player with a long-term vision.