MEIF4-owned company acquires 30MW Italian wind farm

Renvico is eyeing a consolidation of its Europe-wide portfolio with the addition of both greenfield and brownfield investments.

A company owned by Macquarie European Infrastructure Fund 4 has bought its largest project in seven years after the acquisition of the 29.7MW Matera II wind farm.

Italian operator Renvico sealed the undisclosed deal for the project following a tie-up with developer Asja Ambiente Italia. Matera II has been operating since 2015 and was the first wind project in Italy to use the more powerful Vestas 3.3MW turbines.

Renvico was bought by the €2.75 billion MEIF4 in November 2014 – when it was known as Sorgenia Green – and owns about 334MW across France and Italy, including about 165MW in a joint venture with KKR. Until agreeing the deal for Matera II, Renvico had added three projects with a total capacity of 30MW to the portfolio since Macquarie’s buyout.

The latest acquisition is the largest project to be added to Renvico’s fleet since it built the 32MW Leffincourt site in France in 2010. Leffincourt was refinanced last year by Société Générale and Oséo, and Renvico is now looking to further bolster its European efforts.

“The investment in the Matera II windfarm is directly in line with our growth strategy,” said chief executive Andrea Perduca. “We want to become a key operator in the renewable energy sector across Europe, both by acquisitions of high-quality initiatives as well as construction of our own projects.”

MEIF5, the €4 billion successor to MEIF4, has been involved in somewhat larger renewables investments in recent months, paying £1.6 billion ($2 billion; €1.9 billion) in December for a 50 percent stake in the 573MW Race Bank offshore wind farm in the UK, a £2.3 billion deal for the UK’s Green Investment Bank and the acquisition of developer RES Japan.