Terra Firma’s RTR seals Italian solar deal

RTR, an Italian solar power generation business owned by private equity firm Terra Firma, has acquired 10 photovoltaic plants from Terna, the operator and owner of Italy’s high-voltage grid. The deal is valued at €264m.

RTR Group (RTR), an Italian solar power generator, has completed the acquisition of 10 photovoltaic (PV) plants from Terna, the operator and principal owner of Italy’s high-voltage grid, in a deal which values the plants at €264 million.

Terra Firma, a London-based private equity firm which has invested more than €14 billion of equity in deals since it was established in 1994, acquired RTR from Terna in March this year. Billed as the largest solar generation acquisition in Europe, the purchase price was reported as “around €641 million” by the Wall Street Journal.

The plants, which were constructed by Terna, are all connected to the Italian grid and add a further 78 megawatt peak (MWp) to RTR’s installed capacity, bringing it up to 241MWp in total.

RTR is the largest solar generator in Italy and now has more than triple the capacity of the second-largest operator in the country, according to a statement. The firm has a portfolio of plants located in 14 different regions, mainly within Terna’s substations.

In May, RTR added 19 MWp to its installed capacity with the acquisition of plants from Sorgenia Solar, the Italian power producer. Terra Firma has said it wants to use the RTR platform to create a leader in renewable energy in Italy.

RTR is a part of Terra Firma’s burgeoning renewable energy business which also includes Infinis, a UK renewable energy company with 439 megawatts (MW) of operating capacity; and EverPower Wind Holdings, a business focused on the development and management of wind energy generation assets across the US.

RTR was advised on its acquisition of the Terna plants by Bank of America Merrill Lynch and Linklaters.