Financial details of the acquisition were not disclosed.
According to re:cap, FP Lux Group’s funds have invested more than €2 billion (US$2.18 billion) in more than 1.3GW of solar, wind and energy storage capacity to date. This latest Energy Transition Fund is his fifth investment vehicle from FP Lux.
Commenting on the acquisition, Thomas Sabel, managing director of re:cap, said: “Italy is the destined place for solar power projects. This acquisition will allow our investors to participate in the advantages of this location.”
2023 was a strong year for the Italian solar power market. National trade association Italia Soler predicts the country will end the year with 4GW of new solar capacity installed, an improvement from the past decade when it struggled to break the 1GW mark. He is showing remarkable recovery.
Under current government law, the country lacks available land for utility-scale solar power development, according to a May 2023 report from market analysis firm McKinsey & Co. The report notes that Italy’s particularly strict regulations on agricultural land use (accounting for around 30% of the country’s total land area, and 80% of the land available for solar power generation taking into account technical constraints) can act as a barrier to development. He said that there is a sex.
One solution to this could be the widespread deployment of agrivoltaics, where land is used for both solar power generation and agriculture. This dual-use practice has already proven attractive in Italy following his US$1.5 billion government-backed plan announced in August 2022.