NextEnergy Capital sells 150MW Italian solar portfolio to Tages

• European solar investor NextEnergy Capital (NEC) has actually sold a 150MW portfolio of Italian solar assets to Rome-headquartered financial investment group Tages.

The portfolio, which consists of 105 solar projects with an incorporated capacity of around 149MW, includes assets situated in Italian areas such as Lombardy, Tuscany, Sardinia, Calabria and others.

The portfolio was held by NEC fund NextPower II, which was introduced in 2016 with the aim of combining what has actually come to be a fragmented market of functional solar assets in Italy. NEC stated it embarked on 21 separate purchases to assemble the portfolio and, at the time of its sale, NextPower II was among the 10 biggest PV portfolios in the nation.

Reports initially emerged of NEC seeking to sell Italian solar assets in November in 2015, when Reuters recommended the portfolio was available which the capitalist was seeking to receive greater than EUR400 million (US$ 453 million) for it.

Neither NEC or Tages divulged the financial terms of the deal, however Tages stressed the purchase has actually settled its position as Italy's second biggest driver of PV projects with around 536MW under ownership.

Moreover, Umberto Quadrino, head of financial investments at Tages Capital, claimed the business had a pipe of more transactions for its Helios II fund which result from complete in the coming months.

Michael Bonte-Friedheim, CEO as well as founding companion of NEC, said the business was "especially happy with the extraordinary financial results we have actually generated for the Fund's financiers".