Intesa Sanpaolo Financial Advisor of Acea in the disposal of a 60% stake in a 105 mw photovoltaic portfolio to Equitix

Intesa Sanpaolo, through its IMI Corporate & Investment Banking Division, supported Acea as financial advisor in the disposal of a 60% stake in a photovoltaic portfolio with a total installed capacity of 105 MW to Equitix.

The photovoltaic portfolio includes 46 MW of assets in operation which benefit from different Feed in Tariff regimes and 59 MW of assets under construction. Acea will maintain the management of the plants through the signing of O&M and asset management contracts. Acea has also committed to withdraw the energy produced by the assets under construction through long-term energy purchase contracts (PPA).

In addition, Acea has a current pipeline of grid-parity plants with a potential installed capacity of c. 500 MW which could became part of the portfolio in the future.

The transaction will aim Acea to accelerate the growth in the renewable energy sector and to create a platform focused on the development of photovoltaic plants with a target capacity of 750 MW in the medium term.

The Enterprise Value of the transaction, referring to 100% of the portfolio, is equal to €220m, which represents an EV/EBITDA 2022 multiple of 10x.

Acea and Equitix signed a share purchase agreement on December 24th, 2021.

Deal closing expected in January 2022.

Acea is one of the main Italian multi utilities, active in the management and development of networks and services in the water, energy and environmental businesses.

Equitix is a leading global investor, developer and long-term fund manager of core infrastructure assets. Equitix has a long track record investing in renewable energy generation assets.