Macquarie fund kicks off sale of wind assets in Italy and France
By Stephen Jewkes
MILAN, April 12 () - A Macquarie-run infrastructure fund managing the Renvico wind farm portfolio in Italy and France has started a process to sell the company which could be worth around 400 million euros ($450 million), four sources familiar with the matter said.
The fund, advised by Rothschild, has sent out teasers and information memoranda will follow at the end of the month, two of the sources said.
"The equity value of the deal is around 150 million euros," a source said.
Macquarie and Rothschild declined to comment.
Renvico, founded in 2015 when Macquarie bought the green energy business of Italy'sSorgenia Group, manages wind farms in Italy and France with a total capacity of around 334 megawatts.
After the sale last year of Terra Firma's Italian solar portfolio RTR, Renvico remains one of the few larger renewable energy assets in the area.
In Italy the fragmented wind industry is consolidating, driven by falling costs and a new government keen to speed up the switch to green energy.
Two sources close to the matter said prospective bidders contacted included Italian green energy group Erg , France's Engie , Italian utility A2A and renewable investment companies Quercus and Tages.
Engie Italia confirmed it was looking at the assets since they were in line with the group's global strategy of cutting carbon emissions. A2A said it was assessing the deal.
The other companies declined to comment or were not immediately available.
One of the sources said Renvico's wind assets in France were owned by the Macquarie fund alongside private equity firm KKR, adding that KKR had not yet decided what course to take.
($1 = 0.8881 euros)