Ardian Clean Energy Evergreen Fund (ACEEF), an investment vehicle dedicated to energy infrastructure, has announced the acquisition of a portfolio of 117 operational solar plants, representing a total capacity of 116 MW, spread across several Italian regions. The transaction includes assets benefitting from guaranteed feed-in tariffs (Conto Energia) and aligns with the fund’s technological diversification strategy in the Italian market.
Strengthening the Italian platform
The acquired portfolio is characterised by an operational track record of more than ten years and recently modernised equipment. Several plants have been repowered using Tier 1 technologies, increasing reliability and operational performance, while enhancing overall installed capacity. Ardian states that this transaction is in line with ACEEF’s focus on operational renewable assets under long-term contracts, thereby offering increased visibility over revenue generation.
The seller, E2E, is an Italian company active in the management of mainly incentivised photovoltaic assets. According to Gianluca Lancellotti, Founder and General Manager of E2E, “this sale marks the completion of a three-year cycle that began with the initial acquisition of the portfolio, followed by the modernisation and optimisation of the plants.” He notes that all plants generated on average more than €630,000 (approximately $679,000) in annual revenue per MW over the last twelve months.
Management and development perspectives
The acquired assets are now integrated into the fund’s Italian platform, InEnergy, which brings together more than 50 specialists in renewable infrastructure management and development. This acquisition raises Ardian’s operational capacity in Italy to nearly 400 MW across all sectors, with an equivalent portfolio currently under development.
Federico Gotti Tedeschi, Managing Director Infrastructure at Ardian, states that “the addition of the E2E portfolio complements our existing positions in wind and hydro, providing further diversification both geographically and technologically.” He specifies that the open structure of the fund will support the continuation of long-term value creation plans, including future repowering and hybridisation projects.
Sector challenges and fund expansion
The Ardian Clean Energy Evergreen Fund reached €1.0bn ($1.08bn) in fundraising at the closing in July 2023. Its strategy prioritises the acquisition of mature assets with secured revenue streams, mainly in Europe, while gradually expanding its technological reach into biomass, biogas, storage and energy efficiency.
Ardian currently manages more than 8 GW of energy, thermal and renewable capacity in European and American markets via all its infrastructure funds. The InEnergy team will continue to oversee the management of newly integrated assets, in accordance with the group’s industrial development model.
The structure of Ardian’s Italian portfolio, combined with recently modernised assets secured by incentive contracts, highlights the consolidation dynamic observed in the European renewable energy market.
