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Ardian takes full control of 437MW Italian renewables firm

The French fund manager has bought an extra 35% of TRE Solar, a platform that owns and operate solar, wind and hydropower assets.

Ardian has sealed a deal that will see it become the sole shareholder of Italian renewable energy company TRE Solar.

The French firm has bought the 35 percent of TRE Solar it did not own from Italian industrial group Tozzi and has also changed the name of the company to 3 New.

As a result of the deal, Ardian will have full ownership of 437MW of Italian wind, solar and hydropower assets that were under the TRE Solar portfolio. A 25.2MW biomass project that TRE Solar paid €100 million for in 2014 will not merge as part of the transaction and will instead be owned 52:48 by Ardian and Tozzi.

Mathias Burghardt, head of Ardian Infrastructure, hailed the portfolio as “one of the largest renewable energy platforms in Europe” and said the fund manager and Tozzi will continue to seek new opportunities together.

Their partnership began 10 years ago when Ardian was known as AXA Private Equity and invested alongside Tozzi in two wind farms with 83.4MW capacity. This was expanded in 2009 to a joint venture named TRE&Partners, held 55 percent by Tozzi, before the duo set up TRE Solar in 2011 to pursue photovoltaic and biomass projects.