The fund has been established and will be managed by Serenissima SGR along with Ad Astra Capital Partners and Prothea.
With a target size (total assets) of €600 million (US$651.6 million) and a target equity size of €200 million (US$217.2 million), the fund will be focused on photovoltaic grid-connected power plants located in Italy.
The fund, reserved to Qualified Investors, will adopt a “buy-and-hold” approach, operating the power plants purchased from top-ranking developers with a long term view, in order to fully exploit the benefits of the Italian incentive schemes.
Re-newables is characterized by a very attractive risk/return profile, with a 10% target IRR. Once Re-newables’ capital is fully invested, up to 100% of profit will be paid-out semi-annually to unit-holders. Paid-in capital will also be gradually reimbursed, as PV plants depreciated, with a payback period of 9 years. The fund will have a long nominal duration of 25 years.
The fund will start its operations once it raises €50 million. Banca IMI will act as placement agent of the fund’s units.