GreenYellow announces the acquisition from Nordic Solar of two rooftop photovoltaic plants with a total installed capacity of 4.1 MWp (megawatts-peak). Nordic Solar is a Danish independent solar power producer, founded in 2010 and based in Copenhagen. The two installations are located in Chignolo Po (Pavia province) and Colonnella (Teramo province), in Italy. They are already in operation and benefit from Italy's Conto Energia support scheme for photovoltaic generation, while FMO is separately considering senior debt for the Tamba Solar plant in Senegal.

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Other financing and partnership deals are under way in the solar sector. Tenaga and IOI Corp are teaming up with 12 SMEs on a 500 MW solar project, while Proparco is providing dollar financing for Sterling Bank's off-grid solar lending in Nigeria. These deals involve different markets and structures from GreenYellow's transaction in Italy.

An Italian portfolio of nearly 50 MWp

According to GreenYellow, the deal is part of a growth strategy in Italy that combines the development of new projects with acquisitions of energy assets. The group says it has nearly 50 MWp of photovoltaic capacity in operation or under construction in the country. The portfolio is aimed at the market for commercial and industrial customers, known as C&I.

Pierre Marouby, managing director of GreenYellow Italia, says acquisitions are "a strategic lever to accelerate our development in Italy and more broadly in Europe," alongside organic growth. He refers to players that are changing their investment strategies and others that are looking for partners to finance and develop their projects.

Nordic Solar reallocates its capital

Tim Janusch Gadatsch, chief investment officer of Nordic Solar, says the transaction is part of the company's active portfolio management and capital reallocation strategy. He says the two plants have been part of Nordic Solar's Italian portfolio for more than ten years and have been operated under good conditions. He says he is convinced they will continue to deliver their performance under GreenYellow's ownership.

GreenYellow says the transaction adds to other external growth deals completed in Italy this year. The group cites the acquisition of a 705 kWp (kilowatts-peak) rooftop plant and of a 1 MWp project under the FER-X mechanism. It also mentions an 11 MWp deal with the Giva group, based on the acquisition of a plant built by the customer and combined with a Power Purchase Agreement (PPA) for electricity supply.

GreenYellow, whose majority shareholder is Ardian, says it is evaluating opportunities to acquire individual plants and solar asset portfolios, whether in operation or under development. The company highlights its investor-operator Energy-as-a-Service model. The value of the transaction with Nordic Solar has not been disclosed.