Infrastructure fund F2i and wind developer Edison have made a €107 million buyout offer for Italian renewables group Alerion Clean Power.
The pair have established a joint venture company – Eolo Energia – held 51 percent by Edison and its owner EDF Energies Nouvelles and 49 percent by F2i.
Edison said it launched the offer as part of a bid to become Italy’s largest wind operator. The acquisition would see it take over Alerion’s 259MW wind portfolio in Italy, adding to its own 590MW installed capacity. The deal would make Edison Italy’s second-largest wind company, behind ERG Renew which owns over 1GW.
Edison and F2i’s offer represents a 20.6 percent premium to Alerion’s closing market price on Wednesday and also pips in value fellow Italian renewables firm Fri-El’s offer for 29.6 percent of Alerion, lodged in August.
Edison owns a total of 7GW of gas, hydropower, wind, solar and biomass facilities in Italy, Greece and Bulgaria. It was taken over by EDF in 2012 through a €3.8 billion deal.