L&B Capital Seals 90MW Agrivoltaics Deal in Puglia

• L&B Capital’s IRR fund buys a Puglia 90-MWp agrivoltaic project via Società Agricola TEP Foggia 4, expanding renewables in Foggia—financial terms undisclosed. Deal boosts ongoing partnership with TEP Renewables.

Italian asset manager L&B Capital SGR said it has acquired a company holding rights to a permitted 90-MWp agrivoltaic project in Puglia, expanding its renewable energy portfolio. The deal was made through Italian Renewable Resources (IRR), L&B Capital’s energy transition-focused fund.

IRR bought the entire share capital of Societa Agricola TEP Foggia 4 Srl from TEP Renewables PV SpA. The project will be located in the municipality of Foggia. Financial terms were not disclosed. The sale followed a strategic agreement under which L&B Capital will continue partnering with TEP Renewables as both explore additional investment and collaboration opportunities across the developer’s agrivoltaic pipeline. IRR launched in 2024 and has raised over EUR 255 million.

What does L&B Capital’s IRR acquisition signal for Puglia’s 90MW agrivoltaic expansion?

• It signals investor confidence that Puglia remains commercially “bankable” for agrivoltaics, suggesting the region’s permitted pipeline can attract fresh institutional capital.
• It points to accelerating consolidation among developers and funds, indicating L&B Capital (via IRR) is willing to secure ready-to-build or already-permitted assets rather than rely solely on greenfield development.
• It indicates continuity of the developer-to-capital model: TEP’s ongoing partnership role suggests a pathway for converting Puglia’s agrivoltaic pipeline into financed projects at scale.
• It implies strong expectations on deal velocity in Puglia—acquiring an entity tied to a permitted project suggests permissions and grid/permitting milestones are becoming easier to navigate, making expansion more execution-focused.
• It highlights the role of targeted funds in Puglia’s growth: a dedicated energy transition vehicle raising significant capital can support multiple follow-on acquisitions, signaling momentum beyond a single 90MW tranche.
• It suggests that competition for permitted agrivoltaic capacity is rising, which can both speed deployment (more transactions) and tighten returns/terms (due diligence and valuation pressure).
• It reflects growing traction for “rights-to-project” structures in agrivoltaics, signaling that investors are increasingly comfortable buying SPVs linked to permits and development progress.
• It indicates that Puglia’s 90MW expansion is likely to be approached as a portfolio build rather than one-off scaling—supporting the idea of subsequent rounds of acquisitions across additional sites within the same supply chain.
• It also signals a willingness to keep working with established developers’ platforms, which can reduce technical and delivery risk and make further Puglia expansion more predictable.