F2i SGR, acting on behalf of its second fund, is to acquire Enel Group’s entire portfolio of vegetable biomass plants.
The deal includes the purchase of two plants for the production of electric energy from vegetable biomass, for combined power of 47 MW; the plants are located in the Italian regions of Calabria and Emilia-Romagna. The deal also includes, on completion of the period of construction (scheduled for the end of 2018), two more plants, for a combined electrical power of 48 MW. These plants are located in the Italian regions of Sardinia and Emilia-Romagna, and production activities are scheduled to begin by the end of 2018.
F2i SGR will also acquire a development project in the Italian region of Lombardy for a fifth plant, with electrical power of 12 MW; the operation is to be completed upon conclusion of the authorisation procedure, foreseen for 2019.
The acquisitions will make F2i one of Europe’s foremost operators in the production of electric energy from vegetable biomass, reinforcing its presence in the renewable energy sector, where it already plays a leading role in wind and solar energy.
The operation is part of F2i’s strategy for the entire sector of vegetable-biomass renewable energy, an effort already initiated in 2017 with the acquisition of San Marco Bioenergie Spa, a company that manages an electric power plant of 21 MW in the town of Bando d’Argenta (Province of Ferrara, Italy).
F2i acquired the company to benefit from efficiencies of production and supply while, at the same time, taking advantage of a concrete opportunity to generate meaningful social and environmental benefits by optimising and safeguarding Italy’s forestry resources, cleaning riverbeds and contributing to agricultural activity through the disposal of farming waste.
“The challenge that we’ve taken upon ourselves with this investment is to transform electric power plants into facilities that serve the agricultural system, as well as the local authorities responsible for preventing the deterioration of woodlands, rivers and streams,” says F2i’s CEO Renato Ravanelli. “F2i is simply living up to its mission of being a private investment fund capable of pursuing the objective of creating long-term value while also presenting business proposals guaranteed to result in positive fallout for the entire national economic system.”
Completion of the operation, which depends on, among other things, approval from the antitrust authority, could take place through more than one closing during 2018 and 2019, once the conditions contractually agreed to by the parties are in place.
UniCredit acted as exclusive financial advisor for F2i.
