The rich promise offered by a newly-resurgent Italian PV sector has been demonstrated by the ambition of the Tages Capital investment group to invest more than €650 million in renewables in its domestic market up to 2021.
The group announced this week its Tages Helios fund – which has raised €253 million from institutional investors – has completed the acquisition of a three-project PV portfolio in Veneto and Lazio with a combined capacity of 85 MW to reinforce its claim to be the second largest PV investor in the Italian market.
Acquisition of the projects – from the Glennmont Clean Energy Fund Europe I – swells the Tages portfolio to 309 MW of capacity across 109 solar projects.
With the deal completing the investment of the Tages Helios fund, parent Tages Capital announced it wants the €150 million raised by its Tages Helios II instrument to swell to €400 million within two years, and is looking at expanding investment into wind as well as solar.
“The completion of the investment of Tages Helios is an important milestone in the growth of Tages Capital SGR,” said Tages president Umberto Quadrino. “In just three years, the group has become confirmed as the second biggest operator in the Italian photovoltaic sector. The creation of Tages Helios II will continue our strategy of growth and value creation. We see many opportunities to consolidate our position in the Italian renewables market and we are confident that with Tages Helios II we will be able to replicate the success obtained by the investment of Tages Helios.”