Zouk Capital announces its first infrastructure fund zSol (zouk Solar Opportunities Limited) has sold its Italian assets to a strategic partnership between Econergy and Equitix.
The transaction involved a 100% sale of zSOL’s Luxembourg investment company, which had holdings in five Italian project companies.
The total power capacity of these assets is 16.3MWp. The portfolio includes nine solar PV plants all benefiting from Italian feed-in-tariffs.
Zouk acquired the projects as green field sites and constructed and financed the projects with a mix of leasing and project finance facilities from a number of Italian banks, which remain in place post the sale. The projects vary from ground mounted projects in Southern Italy to a large greenhouse in Lazio and an architectural car park shading scheme in Piemonte.
Colin Campbell, Managing Partner of Zouk Capital, said “We are delighted to announce the sale of our Italian assets. With this disposal Zouk’s first successful infrastructure fund has now exited 10 of its 11 investments and exceeded the investment objectives. zSOL remains an active investor in Enviromena in Abu Dhabi which is going from strength to strength in an exciting region for solar without any subsidy. Our second infrastructure fund REEIF II, totals €220m, and continues to build on the team’s skill of investing at the late stage of development in sectors such as wind, solar, waste, geothermal, hydroelectric, biomass. ”