French fund manager Ardian has consolidated its position in the Italian renewables market with an investment in the holding company of three wind farms with a combined capacity of 37.2MW.
The firm has bought 80 percent of Tolve Windfarms, the holding company of the three projects created by Italian developer PLC System, which will retain its 20 percent stake until completion of the sites in the second half of next year. They are due to begin construction next month.
PLC System was awarded the projects following Italy’s 800MW wind auction in December last year, a process that drew bids of over 2GW. The three wind farms – Forleto Nuovo 2 (12MW), C&C Acquafredda (14.7MW) and Serra Energia (10.5MW) – have a guaranteed power price of €66 per MWh for the next 20 years.
The deal was sourced through Ardian’s €2.65 billion Infrastructure Fund IV. The vehicle’s previous transaction earlier this month also occurred in Italy, when the company paid €80 million for a 49 percent share of Autovia Padana, operator of the A21 Piacenza-Cremona-Brescia motorway.
Ardian declined to disclose the size of the latest investment.
The acquisition builds on Ardian’s growing Italian renewables portfolio. Earlier this year, the firm became the sole shareholder of 462MW renewables platform Tre Solar and funded a €53 million wind farm in Avellino.