Selected deals

GLENNMONT PARTNERS FUND ACQUIRES ANDALI ENERGIA, OWNER OF A WIND FARM IN CALABRIA

11 december 2019

The Glennmont Partners fund acquired Andali Energia, which owns a 30 MW wind park in Italy, through CEF 6 Wind Energy (a subsidiary of the Glennmont Clean Energy Fund III). The wind park is situated in Andali, Calabria.

Andali Energia was sold by Sunshine S.r.l., which in turn had acquired it in 2017 from the multi-utility company Estra. L&B Partners S.p.A. advised Andali Energia in the structuring of a bond loan for the construction of the power station and subsequently in the structuring of a €49.2 million project finance facility from Unicredit. L&B Partners S.p.A. advised the seller in all M&A activities and also acted as advisor for the bond issuance and the financing.

Andali Energia had issued the senior secured bond last April, with the aim of financing the wind farm in Calabria. The €30 million fixed rate bond was listed on the Third Market of the Vienna Stock Exchange and was underwritten in private placement by Fct Nouvelles Energie (Infragreen II 2018-1), a sub-fund of the French private debt fund Infragreen II managed by RGreen Invest and active in the renewable energy sector.

Glennmont Partners is one of the largest European fund managers, focusing exclusively on investments in clean energy infrastructures. In January 2019, the fund sold three operational ground-mounted photovoltaic projects located in Veneto and Lazio, Italy, accounting for 85.4 MW, to Tages Capital. The three photovoltaic solar panel projects, Enersol (48.0 MWp), Megasol (13.2 MWp) and Phenix (24.2 MWp), became operational in 2011 and are part of a combined agreement in line with the divestment strategy of the first Glennmont Partners fund.

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