Alantra partners with Solarig to launch 1.9 GW PV vehicle
- Solarig will contribute more than 50 plants in Italy and Spain, which will reach the Ready-to-Build phase in the next 18 months.
- Alantra has set up an investment platform that will acquire the plants as they reach this stage, for a total amount of €1.7 billion.
- Reichmuth and Amundi will participate as co-investors in the investment platform and will contribute a maximum of €265 million.
Alantra and Solarig, which initiated a joint venture through Alantra Solar in 2021, today announced the launch of a 1.9 GW investment vehicle. The vehicle is supported by Swiss infrastructure manager Reichmuth and French asset manager Amundi Energy Transition, which are participating as strategic co-investors. The main features of the project are as follows:
- A Southern European portfolio with 1.9 GW capacity
The portfolio consists of more than 50 plants in Italy (approximately two thirds of the assets) and Spain (the remaining third). With a capacity of 30 GW each, Spain and Italy are among the most attractive PV markets in Europe, favoured by their technological and environmental conditions, strong institutional backing and favourable financing conditions.
The PV plants will progressively reach Ready-to-Build (RTB) status over the next 18 months and will be fully operational by the end of 2025.
- An investment vehicle to invest €1.7 billion in solar energy
An investment vehicle has been set up for the acquisition of the portfolio plants for a total of €1.7 billion, of which €700 million will be equity and the remaining €1 billion will be debt. The vehicle has been established as a sustainable investment platform in accordance with the ESG criteria set out in the EU Taxonomy Regulation.
Alantra, which is raising capital for the investment platform, has added Reichmuth and Amundi as strategic co-investors in the project. They have committed a maximum of €265 million between them.
As the plants reach RTB status, they will be acquired by the investment vehicle. As of today, the acquisition of the first eight plants, with a total capacity of 330 MW, has been completed.
- Alantra Solar to provide asset management services to investment platform
Alantra Solar, the partnership between Alantra and Solarig, will provide asset management services to the vehicle, ensuring the bankability of the assets, and will also be responsible for the distribution strategy combining sales to market and the signing of Power Purchase Agreements (PPAs).
To this end, Alantra Solar has a multidisciplinary management team made up of eight professionals led by Javier Mellado, Carmelo Medrano and Peer Piske, managing partners. All three have more than 15 years of experience in managing and investing in solar assets, having invested more than €600 million and developed assets with a total capacity of more than 3 GW in Europe and the United States.
- Solarig will provide integrated services and global expertise in the field of renewable energies.
Solarig will oversee the development of the different plants to ensure that they reach operational status and will then bring its capabilities as the world’s third largest O&M contractor to the projects. To this end, Solarig has extensive international experience and strong implementation capabilities in Italy and Spain, as well as 15 other countries.
Once the assets are operational, they are expected to generate an estimated 2.7 GWh per year, equivalent to the annual consumption of more than 800,000 households, and revenues of more than €180 million per year.
“Renewable energy is attracting strong interest from the global investment community, both because of the need to transform our energy model and because of the financial opportunity it brings. The model we have developed with Solarig, which is backed by two prestigious institutions such as Reichmuth and Amundi, offers a very attractive proposition in this context,” said Jacobo Llanza, CEO of Alantra Asset Management. “We aim to replicate this successful model in future portfolios.
“The vehicle we have developed with our partners at Solarig offers our investors a very attractive model thanks to the visibility and security of the portfolio, the ability to carry out the operational development of the plants and the track record of the management team,” said Javier Mellado, Managing Partner of Alantra Solar.
“Solarig is successfully fulfilling its strategic plan to become a leading multinational company in the creation of large project pipelines with an established business model through our different business lines. This alliance is another step towards achieving the ambitious goals that the company has set for itself,” said José Miguel Moraga, CEO of Solarig.
“Reichmuth is delighted to be part of this project which allows us to guarantee our investors access to a geographically diversified portfolio in two of Europe’s best solar markets. With a commitment to adhere to the highest sustainability standards in all projects, N-Sun Energy also offers our clients a forward-looking impact investment. We look forward to working with our partners Alantra Solar, Solarig and Amundi and are proud to continue to drive the energy transition in Europe together,” said Christian Ilgner, Head of Energy Investments at Reichmuth.
“This transaction represents a unique opportunity to invest in one of Europe’s largest solar development platforms. We are delighted to partner with Solarig, Alantra and Reichmuth on this investment, which aligns with our current strategy of acquiring late-stage projects and enhances our portfolio with significant diversification in solar energy while continuing to position Amundi Energy Transition as a leading investor in renewables and the decarbonisation of European electricity grids,” said Matthieu Poisson, CEO of Amundi Energy Transition.
Solarig is one of the world’s leading developers of commercial-scale renewable energy projects, with extensive and solid experience in the development, construction, financing and operation of renewable energy plants, and has been growing steadily since its inception in 2005. The company currently manages 10 GW of PV assets worldwide, with a portfolio of 8 GW under development and more than 800 people in 15 countries. The management of PV assets, through Solarig’s participation in Alantra Solar, is a further step in bringing Solarig’s activities full circle with the prospect of becoming an integrated, global project provider. With more than 17 years of industry experience and strong corporate values, Solarig has integrated the sustainability variable at all levels of the organisation, which means making business decisions taking into account the risks associated with its activities and managing the consequences. Solarig is proud to lead the energy transition towards global decarbonisation and to contribute to achieving energy self-sufficiency in the markets in which it operates.