By Giancarlo Navach
MILAN (Reuters) – Suitors for a stake in a future venture combining Italian energy firm Sorgenia’s assets with those of solar power firm EF Solare are due to file their binding bids by the end of October, two sources close to the matter said.
The buyer would take a 27.6% stake in Sorgenia, held by Spanish fund firm Asterion, to become a shareholder in a new unified energy player with a stake of nearly 40%, which could be valued at around 1 billion euros ($1.1 billion), one of the sources said.
EF Solare and Sorgenia are both controlled by Italian infrastructure fund F2i.
Greek energy and metal group Metlen, formerly known as Mytilineos SA, is among suitors for the asset, the two sources said. Investment group Sixth Street is also in the race, one of the sources added.
The deadline for the binding bids has been postponed by one month from an initial timing indicated at the end of September, the two sources said.
Metlen and Sixth Street declined to comment. Asterion did not immediately respond to a request for comment.
Sorgenia focuses on wind and biomass energy, with a total installed capacity of 400 megawatts (MW), according to its website. It plans to add some 200 MW in solar capacity through 2027.
EF Solare has 309 solar farms in Italy and 10 in Spain, for a total installed capacity of 1071 MW.
Solar farms are the main drivers to add renewable capacity in Italy as the country strives to meet Europe-wide goals to decarbonise the economy.
Last year Italy added nearly 6 gigawatts (GW) in renewable energy installed capacity, mainly thanks to solar projects.
($1 = 0.9234 euros)
(Reporting by Giancarlo Navach and Elvira Pollina; Editing by Keith Weir)
