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MILAN: Italian utility A2A has pulled out of tender to buy Terra Firma’s solar power assets in Italy, two sources familiar with the matter said on Tuesday.

The British private equity firm is looking to sell its solar farms in a deal expected to fetch more than 1 billion euros ($1.2 billion).

If successful, the transaction will be Italy’s largest solar energy sale in a fragmented industry under pressure to consolidate with the end of generous state subsidies.

One of the sources said that A2A, which had express interest in the sale in March, had decided to drop out as it rather preferred to participate in the sale of 90 MW of solar parks owned by investment firm Glennmont Partners.

The source also said that Terra Firma intended to accelerate the sale process, with the aim of closing the deal by Aug. 5.

Oil major Eni, together with Qatar Petroleum, and Enel, with fund F2i, are also competing for the 330 MW of solar energy put up for sale by Terra Firma.