ASSET SALE: Investors ready bids for 600 MW Italian hybrid pipeline
Potential buyers of a near-600 MW pipeline of Italian onshore wind, solar and battery storage projects are preparing bids ahead of an upcoming non-binding offer deadline, it is understood, following a rejig of the process.
Milan-based NatPower in autumn 2023 initially launched the sale of a development portfolio of six wind and BESS schemes in Calabria, Sardinia and Sicily, with a combined capacity of 510 MW (split between 424 MW of wind and 86 MW of BESS), as well as an 89 MW Sicilian solar project.
However, soon after the pipeline hit the market, the seller launched a review of the transaction perimeter and ultimately replaced one of the projects with another from its wider pipeline due to issues with the viability of the initially included wind farm.
That resulted in a delay to the sale of the pipeline, for which indicative bids were initially due in late November. NBOs are now due at the end of January, it is understood.
The seller is mooted to be anticipating around a dozen first round offers for the assets, with entities including Enel Green Power, PLT Energia, EDPR, ERG, Edison and Alerion Clean Power all seen as potentially interested parties.
The pipeline – as originally assembled in the autumn – consists of two 79 MW plus 16 MW wind and storage sites in Cosenza, a 115 MW plus 23 MW wind and storage project in Sassari, two similar Trapani-located schemes with combined capacities of 108 MW wind and 21 MW BESS, a 43 MW plus 9 MW wind and BESS asset in south Sardinia, and the 89 MW PV plant in Syracuse.
The assets are due to reach shovel-ready status by 3Q25 and will be transferred at that point to the winning bidder.
NatPower is expected to hold a second round of bidding throughout the latter part of 1Q24.
The developer is being advised on the sale by Prothea (financial), it is understood.
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