Partners Group invests in Italy solar project

The deal marks a direct investment for the Swiss fund-of-funds manager, which invested in a 71-megawatt solar power plant in northern Italy alongside energy-focused private equity firm First Reserve.

Swiss fund-of-funds manager Partners Group, which closed its Global Infrastructure 2009 vehicle on its hard cap of €500 million last month, has made a direct investment in a First Reserve-sponsored solar farm in northern Italy. 

Partners Group is investing an undisclosed sum in the 71-megawatt power plant in the region of Rovigo. The already-operational project, which is backed by 20-year feed-in tariffs, is the largest single solar power plant in Europe, according to a statement.

The Rovigo investment is one of 17 deals Partners Group has already closed from its dedicated infrastructure vehicle, according to a spokesperson.

Solar: part of Partners
Group's infra portfolio

Energy-focused private equity firm First Reserve acquired the Rovigo project from Baltimore-based developer SunEdison last year for €276 million. At the time, SunEdison said in a statement that it expected Partners Group and Perennius Capital Partners to co-invest in the project. 

First Reserve also said it planned to pursue further long-term projects in a joint venture with SunEdison “across several key geographies”.

Partners Group, headquartered in Zug, Switzerland, has over €20 billion in private equity, private debt, real estate and infrastructure funds under management. The firm trades on the SIX Swiss Exchange and has a market capitalization of CHF 4.5 billion (€3.4 billion; $5 billion).

The firm has been investing in infrastructure since 2001 and has $1 billion of infrastructure investments, according to the firm’s website. The firm targets direct investments, primary investments in infrastructure funds, and secondary acquisitions.