Macquarie European Infrastructure Fund 4 (MEIF4) has announced an agreement to acquire Italian wind project developer Sorgenia Green.
Sorgenia Green has a portfolio of wind projects in Italy and France at various stages of development. It operates 112MW in Italy, and it has 70MW of projects already permitted.
In France it has a 50:50 partner in a joint venture (JV) with KKR Infrastructure. The joint venture has 165MW of operational wind projects, and a pipeline of 40MW.
The fund is buying the developer from its parent company, Sorgenia. The companies did not reveal the financial terms of the deal.
The Head of Macquarie European infrastructure and real assets Edward Beckleyaid:
"Sorgenia Green is a quality core infrastructure business operating in countries with growing demand and stable regulatory frameworks for renewable energy.""With a significant installed base and geographic diversification, Sorgenia Green has strong development potential with a sizable project pipeline."
Completion of the acquisition is subject to "a range of conditions expected to be fulfilled towards the end of the year", the company added.
Macquarie European Infrastructure Fund 4 (MEIF4) was launched following the successful investment of its predecessor funds, MEIF1, MEIF2 and MEIF3 and to capitalise on a strong pipeline of opportunities in the European infrastructure market. MEIF4 had its final close in April 2013 with total commitments of €2.7 billion, ahead of its €1.5 to €2 billion target. MEIF4 is targeting core infrastructure investments that offer some or all of the following characteristics: