UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) infrastructure business announces has acquired a 14.4 MW operating portfolio of Solar PV assets and a 4 MW biogas portfolio from affiliates of Econergy Renewable Energy Ltd (Econergy) and funds managed by Econergy’s partner, RGreen Invest. UBS-AM has also secured an option to acquire a further 22 MW of Operating Solar PV assets. Financial terms of the transaction, which was negotiated on a bilateral basis following an initial competitive process, were not disclosed.
In parallel, UBS-AM has formed a new exclusive partnership with Econergy for the construction and operation of a 1.1 GW Solar PV and Wind pipeline in Italy. UBS-AM will invest in the pipeline as it becomes ready to build.
Econergy is a leading renewable investment and management company operating in the Italian renewable energy market with an established 10-year track record of successful development, investment and management of renewable energy projects.
Eyal Podhorzer, Managing Director and Founder at Econergy, says: “This opens an exciting new chapter for Econergy. We have a successful track record of delivering renewable energy projects to high quality financial sponsors in the Italian market and are delighted with this new agreement. UBS-AM is one of the most highly regarded investors in the infrastructure sector, with a global reputation, and we look forward to pursuing the next wave of growth in the Italian renewable energy market successfully together over the coming years.”
Tommaso Albanese, Head of Infrastructure, UBS Asset Management, says: “This new partnership presents an exciting opportunity for UBS-AM to gain a significant foothold in the Italian renewable energy market. The Econergy team has a strong track record in delivering unsubsidised projects that meet the requisite criteria for UBS-AM as a long-term investor in the global infrastructure and renewables market. The transaction demonstrates our team’s ability to deliver on its strategy of targeting cash generative assets on a bilateral basis, and we look forward to capitalising on the identified opportunities from this high-growth market for the benefit of our clients.”
UBS-AM was advised by Prothea, Ashurst and KPMG. Econergy was advised by Cantor Fitzgerald and Gianni, Origoni, Grippo, Cappelli & Partners.
