Bluefield Partners and Arcano Capital launch co-Investment vehicle for operational Italian solar assets
Bluefield Partners (Bluefield), a UK based investment adviser, and Arcano Capital have launched an Italian Co-Investment “special situation” vehicle, focused on Italian operational solar assets.
The vehicle, Bluefield Revive Italia I Srl (the Italian holding), will target the acquisition of solar energy assets located in Italy with technical, financial or operational underperformance, with the aim of performing turnaround activities on the assets.
The vehicle will be advised by the Bluefield Group, with its Italian service companies providing asset management and advisory services. Their technical, financial and operational expertise will be used to implement the vehicle’s investment strategy and enhance the operational capacity of distressed assets.
The vehicle was founded by Bluefield Revive Solar SCSp and Arcblue Solar SICC, SA. Bluefield Revive Solar SCSp is a Luxembourg Alternative Investment Fund (AIF) funded by professional and institutional investors, sponsored by the London based investment adviser Bluefield Partners and managed by its general partner Bluefield Lux.
Arcblue Solar is a Spanish special co-investment vehicle sponsored by Arcano Earth Fund, FCR and some of its LPs, managed by Arcano Capital, Arcano Partners´ management company.
Giovanni Terranova, Managing Partner of Bluefield Partners, says: “Bluefield Group, with its integrated platform that covers all aspects of the solar industry from investment to operations, is perfectly placed to address special situation assets. This is the third vehicle set up by Bluefield of this kind and this time we are very pleased to team up with a leading and experienced investor like Arcano.”
Pierre Sáenz Lafourcade, Chief Investment Officer of Arcano Earth Fund, says: “We are delighted to have been able to be part of, with our investors, such a great opportunity in the consolidation of a portfolio of operational PV plants in Italy together with Bluefield, a recognised Investment Manager with profound knowledge and sector specialisation in the field.”
Bluefield was assisted by Osborne Clarke, with the partner Umberto Piattelli, in the negotiation of the investment and shareholders agreement with Arcano and in the setting up of the Italian holding and corporate structure. Bluefield was also supported by Mazars, with the partner Giovanni Crenna, for tax aspects in relation to the Italian structuring.
Arcano was assisted by Cuatrecasas, with the partners Jorge Canta and Paz Irazusta, and associate Ana Serrano, in the negotiation of the investment and shareholders agreement with Bluefield and for the establishment of the investment platform in Spain.