London, 30 January 2017
This transaction takes Efesto Energy fund to c. €240 million in aum
EOS Investment Management (EOS IM) has acquired, through its energy fund Efesto Energy, a portfolio of approximately 40 MW, owned by Telmo Group from Bergamo (Italy).
This €140 million transaction places EOS IM’s latest acquisition among the biggest transactions in the last 12 months in Italy in the renewable energy sector. The fund therefore reaches an impressive c.a. €240 million of assets under management.
The portfolio purchased consists of 35 plants located in Puglia, Piedmont and Sardinia, 19 wind farms and 16 solar plants. They have been operating for over 3 years with high level of production performance, generating an average of 78 GWh per year, which corresponds to the annual electrical demand of about 29.000 Italian families and to a saving of 45.000 annual tons of CO2 emissions.
As a result of the transaction, Efesto Energy’s investment portfolio of renewable energy plants reaches a total of more than 66 MW. This is in addition to the fund’s recent energy efficiency project, signed in December 2016 as a joint venture with Unicredit, Officinae Verdi Group and CONAD del Tirreno, with the objective of modernising and re-engineering 9 retail stores in Tuscany, Lazio and Sardinia, over the next 24 months.
Ciro Mongillo, Founding Partner and CEO of EOS Investment Management, said of the operation: “This is an excellent acquisition, as Telmo’s portfolio comprises high technical quality plants. Our latest transaction highlights our commitment to the clean energy sector, but also demonstrates the leading role played by EOS IM in the sector. EOS IM ranks among the leading players in the Italian market, and continues its steady growth path targeting high-quality aggregation on the renewable energy market”.
Stefano Zonca, President of Telmo Group continued: “Following a thorough due diligence process, we are extremely confident that we have found a great and qualified partner with whom we can undertake a successful working relationship. The recognised asset quality and trust in our sector experience are both reasons to be proud of our work but also a catalyst for further growth in the renewable energy industry. Telmo’s shareholders supported the acquisition project and furthermore, agreed to re-invest a significant part of their shares into EOS IM’s funds, highlighting the belief in our new partnership and the alignment of interest”.
EOS IM was advised by Grimaldi Studio Legale for the legal aspects, by Moroni&Partners for the technical due diligence, and by Studio Giussani for the accounting and fiscal due diligence. Telmo was advised by EnVent Capital Markets
Ltd as financial advisor, and by R&P Legal for the legal aspects.
Notes for Editors:
EOS Investment Management & Efesto Energy
EOS Investment Management Ltd is a UK-based AIFM (Alternative Investment Fund Manager) authorised and regulated by the FCA (Financial Conduct Authority) . EOS IM provides asset management services focussed on institutional clients and HNWI, offering a diversified choice of asset classes focused on the real economy (in particular, clean energy and private equity), through Luxembourgian investment funds in the form of SIF SICAV.
EOS IM mission is to offer services in line with the institutional and international investors’ needs, maintaining the highest standards in asset management services whilst providing regulatory certainty, thanks to the combination of UK asset management, and enhanced transparency through Luxembourg vehicles.
Efesto Energy is an energy fund managed by EOS Investment Management set up as SICAV SIF in Luxembourg.
The Energy Team is highly specialized and focused on the renewable energy sector. The team’s main goal is to support EOS IM in its activities, when investing in energy infrastructure (especially solar and wind power existing plants) and efficiency projects with a geographical and technological diversification, that can generate stable and predictable cash flows for investors.
Officinae Verdi Group
Officinae Verdi Group is an innovative JV between the World Wildlife Fund (WWF) and Unicredit