Octopus Renewables, the specialist clean energy investor arm of Octopus Group, has signed binding contracts with Italian utility A2A for the sale of a 173MW portfolio of unsubsidised Italian solar projects, at an equity value of €205m. The portfolio covers nine sites in the Lazio region just north of Rome and eight on the island of Sardinia.
Matt Setchell, co-head of Octopus Renewables, said:
“This investment from A2A is an exciting transaction that demonstrates the attractiveness of subsidy free renewable energy in Europe. Over the past five years Octopus Renewables has managed the construction, financing and power price hedging of this portfolio, one of the first large scale portfolios of its kind.
“The nature of these sites makes them well suited for the addition of energy storage and hydrogen infrastructure, while the absence of subsidies and a forward looking PPA strategy allows these new technologies to be easily accommodated. This transaction also demonstrates that unsubsidised investment models can be viable and we will continue to invest in merchant assets across multiple European markets”.
Octopus Renewables was advised by Rothschild & Co as financial advisor, by Linklaters for legal and Moroni & Partners for technical matters.
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