Lombardy is a region in northern Italy, which contains the largest metropolitan area in the country, Milan. Over a fifth of the total Italian gross domestic product (GDP) is produced in this region. In 2021, the Department of Environment, Energy and Sustainable Development announced plans to accelerate solar growth in the area by allocating an additional €20m to support projects. The region aims to reduce greenhouse gas emissions by 43.5 million tons by 2030 which is a reduction of 43.8% compared to 2005, requiring a reduction of 35% in fossil fuels and an increase of 36% in renewable energy production. In this article, we will discuss several Italian solar investors who will be behind this transition to increase renewable energy production.
1) Tages Capital – Solar and Wind investor based in Milan
Tages Capital is a subsidiary of Tages S.p.A who specializes in alternative asset management, investing mainly in solar and wind projects. The Italian group manages two funds: Tages Helios I and Tages Helios II which have a combined portfolio of over 287 plants and an installed capacity of 612MW. The group mainly invests in solar projects, with an installed capacity of 536MW. Tages is the second largest solar player in the Italian market and their projects produce enough electricity to supply electricity to 13.5% of the households in Milan. The two funds have raised a combined €730m.
2) A2A – Solar and Wind investor based in Brescia
A2A is a key player in the environmental sector that has various different roles such as waste collection, recovery of materials/energy, smart infrastructure, and renewable energy sources. In June 2022, the group acquired a 353MW wind and solar portfolio. The portfolio consists of 335MW of wind projects located in Italy held by Ardian and 157MW of wind and solar projects in Spain.
3) Solar Investment Group Management – Solar investor based in Milan
Founded in 2009, the Milan-based group specializes in solar investments. Solar Investment Group has invested in projects located across 12 countries and their Italian portfolio has an installed capacity of 50MW. The group announced plans to develop a third fund, named Real Asset Energy Fund III, and aim to raise €250m. Their first two funds have invested over €180m and successfully arranged €140m of project finance depth with an average debt/equity ratio over 80/20.
Image Source: Nuno Marques via Unsplash (04.02.2023)
