Capital Stage, the SDAX-listed solar and wind park operator based in Hamburg, signed an agreement to acquire four Italian solar parks with a total capacity of 16.9 MWp. The total investment volume of the acquisition, including project debt, amounts to around EUR 65.4 million. The transaction is part of the investment process that has been agreed upon on the basis of a long-term strategic partnership with the German Gothaer Insurance Group. With the four new solar parks the total PV generating capacity of Capital Stage in Italy increases to over 100 MWp. The acquisition is subject to the usual conditions precedent.
The four Italian solar parks are located in the region of Piemont in the northwest of Italy between the city of Turin and Genoa. The solar parks went into operation between April and December 2011. The average feed-in tariff is approximately 27.3 cents per kWh and is guaranteed by the Italian government for a remaining of 15 years. Capital Stage expects the solar parks to generate revenue contributions of approximately EUR 8.6 million from its first year of full operation. The parks are sold to Capital Stage by a Spanish project developer and operating company. Presumably as of March 1, 2016 the technical management of the PV parks will be managed by Capital Stage Solar Service GmbH, Halle, Germany, a wholly owned subsidiary of Capital Stage AG. Therewith Capital Stage Solar Service manages 48 solar parks in total with a generating capacity of more than 200 MWp.
The acquisition increases the PV generating capacity of Capital Stage in Italy from some 86.7 MWp to around 103.6 MWp. The total generating capacity of Capital Stage from wind and solar energy is raised from around 554 MW to over 570 MW.