Elements Green Successfully Completes Sale of Italian Solar Portfolio to Bluefield
Elements Green has successfully concluded the sale of its 100% stake in an operational Italian solar park located in Brindisi, Italy, to Bluefield Revive Italia I Srl, a fund that receives M&A advisory services from Bluefield Italia Srl. The enterprise value of the transaction stands at approximately €30 million.
The Brindisi solar park, with a capacity of 7.2MW, has been under the development and operation of the Elements Green team since 2009. Benefiting from the 'conto energia' incentive tariff, the park is currently undergoing a repowering and revamping process, set to elevate its capacity to 10MW, with the potential addition of around 35MW of Battery Energy Storage Systems (BESS).
Elements Green, a global greenfield Solar and Energy Storage developer headquartered in London, has a robust portfolio with a pipeline exceeding 7.5GW of secured assets across various regions, including the UK, EU, Australia, and the US. The company possesses dedicated greenfield development teams capable of handling origination, construction, and operation.
Bluefield, a seasoned player in the renewable energy landscape, has successfully transacted on over £1.4 billion worth of renewable energy projects. Their recent strategic focus involves acquiring operating assets in Italy and implementing extensive revamping initiatives.
James Gates, Managing Director of Elements Green group, stated "It has been great to transact with such a strong team (Bluefield). This is testimony to Elements Green’s capability to develop and operate high cash-yielding assets. It is an opportune time to rotate out of some of our smaller projects and provide capital to our growing OECD pipeline."
Alberto Paturzo, Managing Director of Bluefield Partners, stated “It has been great to work with an experienced and reliable player such as Elements Green, with whom we’re sure we will continue to work with in the future. The groundwork laid by them for Project Brindisi is commendable, providing us with a solid foundation to further amplify the portfolio’s operational efficiency and lifespan, as part of our revitalisation strategy, whilst also accelerating the energy transition in Italy.”
The transaction was advised by Green Horse (legal), Kiwa (technical), and Mazars (financial), ensuring a comprehensive and well-supported deal.