Client:
UBS Asset Management
Date:
October 2024
Object of the assignment:
Financial Advisor to the Seller
Value of the transaction:
Undisclosed
With:
In October 2024, ValeCap acted as exclusive financial advisor to UBS Asset Management in the sale of a diversified portfolio of operational photovoltaic and biogas plants to Tages Capital SGR.
Portfolio Highlights
The photovoltaic portfolio includes 13 plants with a total installed capacity of 14.4 MW, all benefiting from Italy’s Conto Energia feed-in tariff scheme. The assets are located across multiple Italian regions, providing strong geographical diversification.
The biogas portfolio comprises 4 plants located in Lombardy, with a combined installed capacity of 4 MW.
In March 2022, the portfolio was successfully refinanced with Intesa Sanpaolo and Unicredit, with ValeCap acting as sole debt advisor to UBS.
About UBS Asset Management
UBS Asset Management is a leading global asset manager, offering investment capabilities and solutions across all major traditional and alternative asset classes. The firm actively manages infrastructure portfolios, pursuing equity and debt strategies across sectors including transportation, power generation, waste management, utilities and telecommunications.
About Tages Capital SGR
Tages Capital SGR is an Italian asset management company specialising in alternative investments, with a strong focus on renewable energy infrastructure. Through its Tages Helios funds, it manages one of the largest photovoltaic portfolios in Italy and has expanded into other renewable technologies including wind and biogas.
Value Enhancement Strategy
Prior to and during the sale process, ValeCap played a leading role in:
- Portfolio valuation to define the positioning in the market.
- Investor selection process to identify and approach the most suitable counterparties.
- Negotiation of commercial terms to maximise value and ensure a competitive transaction structure.
- Coordination of the due diligence phase to streamline reviews and manage stakeholder interactions.
- Negotiation of the transaction agreements to secure favourable contractual outcomes.
In parallel, ValeCap worked with UBS and the technical advisor to implement targeted optimisation initiatives:
PV portfolio revamping and repowering: Review and partial execution of a comprehensive plan for module and inverter replacement, extending the useful life of the assets and improving operational performance.
Biogas portfolio upgrade plan to Biomethane production: Strategy to leverage the incentive scheme under the 2022 Biomethane Decree to optimise production and revenues.
Strategic Significance
The transaction highlights ValeCap’s ability to deliver end-to-end advisory services, from portfolio valuation and investor selection to negotiation and closing. It reaffirms ValeCap’s expertise in multi-technology asset portfolios, combining both solar PV and biogas/biomethane operations.