Paris-based infrastructure fund manager Antin Infrastructure Partners has acquired three Italian solar plants through its €1.1 billion infrastructure fund.
The seller was Italian renewable energy company Kinexia and the enterprise value of the three assets is estimated at €103 million, including €83 million of debt, Kinexia said in a statement. The plants are located in the Latina region, in central Italy. Two of them, producing a combined 12.1 megawatts, are already operational with a third, 16.2-megawatt plant still in development.
Under the sales agreement, Antin also has an option to acquire a fourth solar plant, still in the planning stages, with a projected generation capacity of 4 megawatts. The latter has an enterprise value of around €15 million.
Last October, Antin closed its debut fund on €1.1 billion, beating a target of €1 billion. The ten-year, closed-end fund focuses on acquiring unlisted, brownfield assets located in the Eurozone and has a target internal rate of return of 15 percent.