Italian solar fund boosts portfolio by a third with 51MW buy

Italian solar fund Tages Helios has bought one of Italy’s largest solar portfolios, generating a combined capacity of 51.2MW.

The fund, managed by investment manager Tages Capital, bought the set of 35 plants from the Maccaferri Industrial Group. All the sites have been operational since either 2010 or 2011.

Through the acquisition, Tages increased its solar portfolio by more than 32 percent, with the fund now holding assets with a total capacity of 208MW. The move places the Tages Helios fund as Italy’s third largest owner of solar assets, behind a joint venture between Enel and F2i and Terra Firma’s RTR, the latter of which is believed to be looking for buyers.

The Tages Helios portfolio has been built up since the fund was launched in late 2015. The vehicle reached a €253 million close in June last year, despite initially looking to raise up to €300 million, and is seeking an 8 percent IRR. Commitments from Aviva and Italian infrastructure investor Equiter closed the fund, investors in which are predominantly Italian insurers and pension funds.

Umberto Quadrino, president of Tages Capital, said at the time of the close that the firm is assessing the launch of a new fund following the reception its maiden attempt received.