Integrated Asset Management plc (“Integrated” or “the Company”), a London based alternative investment group, today announces that it has acquired control of a portfolio of solar photovoltaic plants with a total capacity of 34Mw based in Italy. The Company’s Integrated Alternative Investments Ltd (“IAI”) subsidiary was the lead advisor and arranger of the transaction. The Company holds its investment through a controlling interest in Integrated Energy Holdings Limited, and Integrated Energy Holdings SA, both newly created entities which control the portfolio. Certain directors and existing shareholders of Integrated co-invested in the transaction. In addition, the Green Opportunities sub-fund of Integrated Investments SICAV- SIF, a Luxembourg company for which IAI serves as Investment Advisor, also co-invested in the acquisition of the Portfolio.
The acquisition price of the portfolio was Euro 127m, which has been financed by the Integrated led group and by a Senior facility from Mediocredito Italiano. Banca IMI acted as facility agent. Armon Capital Srl advised the Company in the transaction.
Integrated has partnered in this transaction with Econergy Systems Ltd. an Israel-based management group with considerable experience in solar energy investments.
Since 2001, Integrated has structured, managed and invested in alternative investment opportunities, originally in the hedge fund of funds sector, and more recently in real estate and alternative energy. Together with its partners, Integrated intends to continue its acquisitive strategy in the alternative energy market with an initial target to achieve 100Mw of installed power.
Emanuel Arbib, CEO of Integrated, commented:
“This acquisition represents the culmination of a three-year effort to identify attractive investment opportunities in the solar energy space. We were persuaded that the combination of the 2014 reduction in feed-in-tariffs in Italy, together with record low interest rates presented a very attractive environment for consolidation and refinancing. Having analysed nearly a dozen opportunities we have decided to partner with Econergy to purchase this high quality portfolio. We look forward to expanding our participation in this sector in the coming months and years by facilitating the consolidation of smaller plants and portfolios in Italy and selected European countries.”
Note to Editors: Integrated Asset Management plc is a London based alternative investment group, previously listed on the AIM market of the London Stock Exchange. Integrated Asset Management’s core business has traditionally been innovative fund management and alternative investment products.