July 3, 2020 / 11:47 AM / a month ago

Italy's F2i in talks to sell solar stake to Credit Agricole arm -sources

MILAN, July 3 (Reuters) - Italian infrastructure fund F2i is in exclusive talks with Credit Agricole unit Predica to sell a 30% stake in Italy’s biggest solar power operator EF Solare, three sources familiar with the matter said.

The deal could be worth as much as 1 billion euros ($1.1 billion), one of the sources said, and is designed to help F2i bankroll its photovoltaic business, one of the biggest in Europe, at home and abroad.

“Talks have slowed a bit due to fallout from the coronavirus crisis so things are likely to go to after summer at this point,” one of the sources said.

EF Solare, Italy’s biggest solar power operator, could be worth more than 3 billion euros including debt, another source said.

F2i, which is being advised by Rothschild, bought out EF Solare in 2018 when it acquired utility Enel’s 50% stake in the joint venture.

At that time Enel said the business, which then had a portfolio of around 410 megawatts (MW), was worth 1.3 billion euros, including 900 million euros of debt.

At the end of last year, EF Solare bought Spain’s Renovalia Energy Group to become one of Europe’s biggest solar power companies with more than 1,800 MW of capacity, installed or in the pipeline.

F2i, partly owned by state lender Cassa Depositi e Prestiti, is Italy’s biggest infrastructure fund with investments ranging from renewable power generation to energy transport grids, telecom networks and airports.

Predica, Credit Agricole’s insurance arm, is already an investor in F2i’s airport business.

F2i, Credit Agricole and Rothschild declined to comment. ($1 = 0.8906 euros) (Reporting by Stephen Jewkes; Editing by Susan Fenton)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below