UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) infrastructure business has invested an undisclosed amount in solar and biogas assets in Italy.
The manager has bought a 14.4MW operating portfolio of solar photovoltaic assets and a 4MW biogas portfolio from affiliates of Econergy Renewable Energy and funds managed by Econergy’s partner, RGreen Invest. It has also agreed an option to buy a further 22MW of operating solar assets.
UBS-AM said it has formed a new partnership with Econergy for the construction and operation of a 1.1 GW solar and wind pipeline in Italy and will invest in the pipeline as it becomes ready to build.
Tommaso Albanese, head of infrastructure, UBS Asset Management said the new partnership with Econergy presents an opportunity for UBS-AM to gain a significant foothold in the Italian renewable energy 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 capitalizing on the identified opportunities from this high-growth market for the benefit of our clients.”
Eyal Podhorzer, MD and founder at Econergy, said: “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.”
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