EOS Investment Management and Capital Dynamics acquire one of the largest unsubsidized solar PV projects in Southern Europe

Date 19 Jan 2021

The 87 MW group of plants in central Italy will generate enough clean energy to meet the needs of 63,000 households annually, offsetting in excess of 100,000 tons of greenhouse gases.

London, January 20th, 2021 – Global asset managers, EOS Investment Management (EOS IM) and Capital Dynamics, announce the joint acquisition of the rights to build three new solar projects, which will contribute to the expansion of renewable energy in Italy and decarbonisation in Europe.

Construction has already begun, and once operational, these projects will have a combined total generating capacity of 87 MW, which is the equivalent to the annual requirements of 63,000 households1. Together, the three sites represent one of the largest Italian solar PV projects under development to operate fully without any public subsidies, and benefit from a long-term power-purchase agreement. The projects will offer employment opportunities for over 100 workers during the construction phase and a further 20 individuals while in operation, utilizing local resources whenever possible. The plants will make use of the most technologically-advanced solutions capable of providing the highest levels of efficiency and reliability. These projects contribute directly to 5 of 17 of the UN’s Sustainable Development Goals, including health and wellbeing, affordable and clean energy, innovation and infrastructure, sustainable cities and communities, and climate protection measures.

Eos IM’s new investment vehicle, EOS Energy Fund II S.C.A. SICAV-RAIF (also known as the “EOS ReNewable Infrastructure Fund II”), and Capital Dynamics’ Clean Energy Infrastructure (“CEI”) business are both focused on investing in carbon-reducing renewable energy power generation, and the acceleration of subsidy-free renewable in Europe.

Natalino Mongillo, Co-Founding Partner of EOS IM, commented, “EOS IM demonstrates once again the ability to access the most attractive investment opportunities in Italy’s renewable energy market, through its strong network of relationships. Thus, we are getting these projects to construction, including one of the largest projects in grid parity in Italy, which has been achievable through our commitment to and the launch of the new renewable energy fund. EOS ReNewable Infrastructure Fund II, indeed, marks the evolution of EOS IM’s strategy which has been focusing for years on identifying the more innovative ways of investing in the energy transition, making it possible to produce green energy without resorting to incentives. We are grateful to our investors who trusted us in our efforts to deliver financial results, while contributing to meet the objectives set by the European Green Deal.”

“This transaction firmly positions us as one of the largest investors in grid parity projects in southern Europe, which are designed to provide predictable cash flows without the need of government support,” said Dario Bertagna, Director of Capital Dynamics’ European Clean Energy Infrastructure team. “With long-term contracted off-take and strong ESG credentials, these three projects are a great addition to our growing portfolio of solar power in Europe. We are pleased to partner with EOS IM, whose significant knowledge and expertise in the Italian market will help us to accelerate construction and create new jobs that support the local economy, particularly during these challenging times.”

Giuseppe La Loggia, Managing Partner of the EOS IM Group Energy Infrastructure, said: “This project represents an important milestone for the EOS IM Energy Infrastructure team and the broader renewables energy market. It confirms our leading position as investors in green energy, and particularly in the grid-parity sector, thanks to our exclusive partnership approach with leading developers both in Italy and the wider European sector, which allows us to have a long-term planning approach. We are very happy to have established a strategic cooperation with Capital Dynamics – one of the global leaders in this market and with whom we share an investment discipline combined with great attention towards sustainability and corporate responsibility. Indeed, we are very honoured Capital Dynamics has decided to join EOS IM in this strategic investment.”

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