Four Italian hydro plants sold to Alps Energy RE Fund
Alps Energy RE Fund, which is managed by Serenissima SGR, has acquired Idroemilia Srl, owner of four hydropower assets in Italy with a total capacity of around 7.5 MW.
Two of these plants are operational, one is authorised, and the other is awaiting authorisation. All four are located in the provinces of Reggio Emilia and Modena, in the Emilia Romagna region of Italy. The company has so far invested some EUR13 million (US$15.4m) in the plants and is preparing to spend a further EUR5 million.
Idroemilia was previously owned by Piacentini Costruzioni and Sinloc Sistema Iniziative Locali SpA.
BPER Banca and MPS Capital Services, two of Italy's leading banks, agreed to provide financing amounting to roughly EUR16 million for Idroemilia, in 2016. This will be amended following the company’s sale. Watson Farley & Williams, an international law firm, has advised BPER Banca and MPS Capital Services regarding the financing documentation relating to the amendments.
