Macquarie Asset Management is selling its 40% stake in Hydro Dolomiti Energia (HDE) to a consortium led by Equitix Euro Funds, Tages Capital and La Finanziaria Trentina, in a deal valuing the entire HDE business at around €1bn.
Macquarie said its Macquarie European Infrastructure Fund (MEIF) 4 fund has agreed to divest its entire stake in the Italian hydropower plants operator to the consortium which also includes local industrial co-investors and institutions.
MEIF 4, Macquarie’s fourth European infrastructure fund, first invested in HDE in 2016, when it agreed to acquire Enel’s 49% stake for around €335m to become a shareholder alongside Dolomiti Energia which held 51% of HDE.
HDE currently operates a network of 29 hydropower plants throughout Trentino, with a total installed capacity of 1.3GW.
Stéphane Brimont, a managing director at Macquarie Asset Management, said: “Under our stewardship with the Dolomiti Energia Group, HDE has continuously provided a secure and reliable source of electricity while developing a highly-skilled technical and commercial operations team, and contributing to the economy of the province.”
Hugh Crossley, CEO of Equitix Investment Management, said: “Equitix is very proud to be investing in HDE, which is critical to Italy’s energy security and a major energy transition asset. Italy is a core market for Equitix where we have been investing in infrastructure and renewable energy for more than a decade.
“We also look forward to continuing our collaboration with our friends and fellow shareholders at Dolomiti Energia Group, where we have been a shareholder since 2021.”
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