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03 January 2013

RTR – Rete Rinnovabile strengthens its leadership in the Italian photovoltaic market with a new acquisition from Acea

RTR – Rete Rinnovabile, the leading Italian solar power business owned by private equity group, Terra Firma, announces the acquisition of a portfolio of 31 solar power plants from Acea, one of Italy’s largest public utility companies and which is listed on the Milan stock exchange. The acquisition will add 32.5MWp to RTR’s existing installed capacity, bringing it to a total of 297.5 MWp (corresponding to a total energy production above 400 GWh/annum).

The portfolio consists of 31 plants located in Puglia, Campania and Lazio, which were connected between the end of 2009 and August 2011.

The transaction has an enterprise value of around 103 million euro and will be funded through a combination of equity and a project finance facility provided by Mediocredito Italiano.

The positive impact on the environment deriving from RTR’s power plants is now equivalent to 212  thousand tons of CO2 saved every year. The company produces electricity sufficient to satisfy the annual electricity needs of more than 160 thousand families.

With this transaction, RTR continues with its policy of adding existing renewable energy plants. This allows for more efficient management due to economies of scale, the use of advanced systems, and the specific know-how developed by RTR, positioning the company as a point of reference in Europe in the field of renewable energy.

Paolo Lugiato, Chief Executive Officer of the RTR group, said:  “This new acquisition confirms our objective to grow further in the coming years in the Italian market: with 297.5 MWp of installed capacity, we are the leading Italian operator in the PV market not only by size, but also for the quality and efficiency of our plants, all developed by leading energy operators; in the past Terna, Sorgenia and Toto Costruzioni, and now Acea.

Guy Hands, Chairman and Chief Investment Officer of Terra Firma, the private equity owner of RTR, said: “We are very pleased that RTR has completed another add-on transaction. This represents Terra Firma’s fifth renewable energy acquisition of 2012.  Together those acquisitions, which in aggregate in 2012 had a value of €584 million, have added 222 MW of new capacity across our 3 renewable energy businesses (Infinis, Everpower and RTR). In addition, those businesses invested a further €312 million to construct new power plants, developing an additional 206 MW of installed capacity. This further demonstrates Terra Firma’s commitment and leadership in the renewable energy industry.”

RTR was advised by the law firm Gianni, Origoni, Grippo, Cappelli & Partners, by Moroni & Partners as technical consultant and by K Studio Associato as fiscal advisor.

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