23 | 03 | 22 REA insights

REA S.r.l. as technical advisor for the JV Acea Equitix with more than 100 MW in Italian PV solar energy

REA Srl has worked for Equitix as Technical Advisor for the agreement signed with Acea announced on the 24th of December 2021 and closed today 23rd of March 2022.

ACEA national multiutility leader on Water sector together with AQP Spa, and one of top players of Energy, Environment sector, has signed an agreement with Equitix for the sale of a majority stake in NewCo set to manage photovoltaic assets both in operation as well as those in the process of being connected to Italy’s national grid.

Equitix, British infrastructure investment company, through its management company, Equitix Investment Management Limited, is to acquire a 60% interest in the newly established company “HoldCo” to which the photovoltaic assets currently owned by ACEA Sun Capital are to be transferred. The assets have a total installed capacity of 105 MW, including 46 MW qualifying for various feed-in tariffs and 59 MW represented by newly built plants already connected or in the process of being connected to the national grid.

The economic value of the transaction, based on the enterprise value of 100% of the plants, is €220 million.

ACEA will mantain the plants management under long-term Operation & Maintenance and Asset Management contracts agreed with HoldCo. The ACEA Group has also committed to purchase the electricity produced by the newly built plants under long-term power purchase agreements (PPAs).

HoldCo will consider and evaluate the access to a pipeline of photovoltaic plants, with capacity of up to about 500 MW, currently under development by the ACEA Group.

ACEA was advised by Intesa Sanpaolo’s IMI Corporate & Investment Banking division and by Vitale & Co., acting as financial advisors, and by the energy team at Orrick Herrington & Sutcliffe LLP, acting as legal advisor.

Equitix’s financial advisor was L&B Partners, with legal advice provided by Legance.

REA has been involved as Technical Advisor with its team guided by Barbara Paulangelo and composed by senior advisor Chiara Graniti and Maria Antonietta Cillo assisted by technical advisor Diletta Bizzarri e Roberto De Vecchis.

Giuseppe Mastropieri, CEO of REA S.r.l. states: “We are proud to have contributed on this Deal as Technical Advisor for Equitix and this strengthen our rank in Italy and the JV Acea Equitix reflects a big result for the renewable energy sector as tangible sign of Italian utilities liveliness reassuring those industries involved and interested in the Italian energy transition”.