Italy's FNM bets on renewables with Viridis Energia acquisition

Italian public transport company FNM SpA (BIT:FNM) has decided to set foot in the renewables market with a deal to take an 80% stake in independent power producer (IPP) Viridis Energia SpA which has a portfolio of about 47 MW of operational solar and biogas assets.

The term sheet of the binding offer was approved by FNM’s board of directors on Monday. The expected price tag of the proposed deal, which is subject to due diligence and standard closing conditions, is set at EUR 59.2 million (USD 64.7m), the company said in a press release.

The targeted shareholding will be acquired from Lagi Energia 2006 Srl and HNF SpA, each owning 66.7% and 33.3% of the business, respectively.

Viridisis’ operational portfolio includes 45 MW of solar and 2 MW of biogas plants located in northern and central Italy. It also has a pipeline of about 7 MW of solar projects under construction, expected to be commissioned by early 2024, and 16 MW of solar projects with a ready-to-build status.

The transaction will also add to FNM’s operations 38 experts in the development, construction and operation of renewable energy plants.

Apart from acquiring operational assets immediately capable of generating a positive cash flow, the entry into the renewable energy generation sector will also reinforce FNM’s environmental goals within the 2021-2025 Strategic Plan, which includes investments in innovative energy projects, among other merits, according to the statement.

(EUR 1 = USD 1.095)

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