Cosimo Vitola
Ethica Group
Cogipower
Deal Type
Company sale
Sector
Energy & Sustainability
Completion Date
30th June 2015
Deal Value
Not disclosed
Company Background
Cogipower is a developer (EPC), manager (O&M) and owner of photovoltaic plants
Deal Summary
Ethica Corporate Finance advised the shareholders of Cogipower, a leading Italian renewable energy company owning ca. 57MWp of installed photovoltaic plants in Central and Southern Italy, in the sale of its solar plants to Fondo Italiano per le Infrastrutture - F2i, one of the largest infrastructure investors in Italy with over €3bln of asset under management.
Value Added
Ethica Corporate Finance started working with Cogipower in mid 2014 by providing them a thorough market scouting and pre-screening to identify potential buyers and advise on the right time to market. Some relevant regulation changes (i.e. the so called “Spalma-incentivi” decree) impacting feed-in tariffs on energy from photovoltaic plants, had created a standstill in the secondary market in Italy in the last quarter of 2014, and changed the investment focus of many of the key players on the industry. Ethica was able to manage the situation by rapidly identify the new window of opportunity that such regulatory change would create and to shortlist a new set of potential acquirers who had decided to strategically focus again on the secondary photovoltaic market in Southern Europe. The right time to market and the right shortlist of potential buyers allowed for a strong competition in the sale auction, which granted Cogipower’s shareholders the possibility to achieve a higher than expected evaluation, still in the desired - and quite challenging - timeframe.
