Advised on Sale of CompanyEnergy & Utilities
Acquired Majority Control of Business Operations
Acea has entered into an agreement with the British infrastructure investment company, Equitix(“Equitix”), for the sale of a majority stake in the NewCo in which Acea’s photovoltaic assets, both in operation as well as those in the process of being connected to Italy’s national grid, have been contributed.
Equitix 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.
Acea will retain responsibility for operating the plants 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).In addition, HoldCo will have the option of accessing a pipeline of photovoltaic plants, with capacity of up to about 500 MW, currently under development by the Acea Group.