London-based alternative investment group, Integrated Asset Management, has announced its first foray into the solar PV industry, with the EUR 127 million acquisition of 30 solar plants in Italy, with a combined generation capacity of 34 MW. The company has been exploring opportunities in the solar market for a number of years, and expects this to be the first in a number of renewable energy investments.
The group used its own subsidiary, Integrated Alternative Investments, as the chief advisor for the transaction, which involved a number of companies, not least Israel-based Econergy Systems, who has experience in the solar market. Financial advisory company Armon Capital, which specializes in the renewable energy sector, also performed an advisory role in this complex transaction.
This acquisition represents the culmination of a three-year effort to identify attractive investment opportunities in the solar energy space, commented Integrated Asset Management CEO Emanuel Arbib. We were persuaded that the combination of the 2014 reduction in feed-in tariffs in Italy, together with record low interest rates presented a very attractive environment for consolidation and refinancing.
The group has been active in alternative investments since 2001, and intends to continue to build its portfolio in alternative energy. In the companys announcement, it highlighted a target of acquiring 100 MW of installed alternative energy.
We look forward to expanding our participation in this sector in the coming months and years by facilitating the consolidation of smaller plants and portfolios in Italy and selected European countries, added Arbib.