Norton Rose Fulbright advises Sonnedix on the acquisition of six solar plants from Silver Ridge Power Italia

Global law firm Norton Rose Fulbright has advised Sonnedix, the global independent solar power producer (IPP), on the acquisition from Silver Ridge Power Italia (a company of the Amaranto Holding group) of the entire quota capital of RDC Holding, Fin Project, Marisolar and Redsun, in turn owning a portfolio of six solar plants with an overall capacity of 5.20 MWp.

The portfolio of solar plants comprises two solar plants built on top of shelters in a parking lot and four industrial rooftop-mounted solar plants, located in the Municipalities of Atessa (Abruzzo Region) and Terni (Umbria Region).

Following this acquisition, Sonnedix has boosted its operating capacity in Italy and has consolidated its ranking as the third largest player in the Italian solar market, owning 118 plants with an overall capacity of around 242.20 MWp.

In the context of the acquisition, the firm has also advised Sonnedix on the early voluntary prepayment of bank loans with BPER Banca and Amco, the latter having recently replaced Banca Popolare di Bari – Bpb under extraordinary administration.

Luigi Costa, partner in the Milan office of Norton Rose Fulbright, commented:

“In recent years we have advised Sonnedix on a number of successful solar acquisitions in Italy. We have had the pleasure of working with Sonnedix’s ambitious management and legal teams on this transaction and, notwithstanding the tremendous challenges of the first half of 2020, our combined efforts have contributed to the wider objectives of the energy transition.”

The Norton Rose Fulbright multidisciplinary team which advised Sonnedix on all corporate M&A and golden power, banking, administrative law and due diligence aspects of the transaction was led by partner Luigi Costa and coordinated by counsel Ginevra Biadico.