Efesto Energy, the energy fund managed by EOS Investment Management (IM EOS), has completed the acquisition process of five photovoltaic power plants from Green Network Group for an overall investment value of c. EUR 16 million.
The agreement, achieved after several months of negotiation, is another important achievement also given the stringent criteria imposed by EOS IM on the selection and acquisition processes, which include a thorough due diligence analysis. Efesto Energy has thus successfully completed its first wave of acquisitions of PV plants for a total value of c. EUR 60 million and total capacity of 25 MW. The current portfolio of solar assets stretches across 8 Italian regions with PV plants benefiting from a favourable incentive scheme, a proven operational and financial track record of 3 years on average and low on-going maintenance requirements and capex, with the objective to achieve a IRR of above 10%.
The newly acquired photovoltaic plants were connected between the first and second half of 2011 and have therefore a strong and reliable track record. They are located in the Italian region of Molise and have a total nominal power equal to 5 MWp. The plants have already obtained a project financing of c. Euro 10 million by Banca IMI, group INTESA SAN PAOLO, which represent one of leading Italian banks.
Following a prudent approach, EOS IM has chosen, once again, a selling reliable and high standing counterparty such as Green Network. The group was founded in 2003 and has been energy partner to major domestic business clients since the outset, acting as a middleman between them and domestic producers. Over the last ten years it has consolidated its position in the market, with an annual turnover of over 2 billion euro.
“The Cop21 put into the foreground a green economy model based on the analysis of the economic system where great importance is given to the environmental impact – said Ciro Mongillo, CEO of Eos Investment Management – The Paris Outcome is a turning point for action to limit climate change below dangerous levels. Future investment will need to be compatible with a zero carbon world; in this context, the photovoltaic plants acquired, that have been connected between the first and second half of 2011, have saved in terms of emissions about 13,700 tons of CO2, producing more than 27 million kWh of energy. The plants produce more than 6.5 million kWh per year that is sufficient for the energy needs of more than 4,500 families. “. Ciro concludes.