PLT Energia represented a leading Italian integrated RES platform involved in the production of energy from onshore wind plants and energy commercialization activities.

The Group operated an onshore wind platform leveraging 335 MW of operating / under construction assets with a pipeline of 1.1 GW to be deployed in Italy and Spain and repowering strategy already identified for 243 MW allowing the Group to target ~1.6 GW installed capacity after deployment of all pipeline / repowering projects.

Fund I entered in the company in 2019 investing Euro 30 mln through the subscription of capital increases and of a convertible bond owning a stake of the share capital equal to the 13.5%. Fund II entered in the company in 2021 investing Euro 15 mln through the subscription of capital increases owning a stake of the share capital equal to the  5.8%.

In December 2022, the investee PLT Energia was fully sold to Eni Plenitude.

Sourcing and Investment Rationale

• Attractive platform for investing across the renewables value chain and for pursuing further vertical integration with an installed capacity at entry of 200 MW. Family owners and operators exhibited ambition for further growth and vertical integration.
• Resilient business offering an essential product and benefiting from priority in the grid dispatch order.
• FIEE was positioned as a partner of choice for the next stage of growth given familiarity with the sector and prior relationship with family owners.
• The transaction was negotiated on a fully bilateral basis.
• Fund I made a lead minority investment with liquidation preference and strong governance rights. Follow-on investment with similar terms executed from Fund II in 2021, alongside a top-up from the family owners, to accelerate the growth plan.

Value Creation

• Injected capital to fuel organic growth and consolidate the Italian market.
• Created an International Business Development team managed by a seasoned renewables executive hired by Enel (former team member of one of FIEE’s Managing Partners).
• Started international expansion initiatives in Spain (purchased 13 MW in development in Spain, opened a local PLT Engineering branch) and Colombia (opened local branch).
• Reduced merchant risk by obtaining green certificates; signed PPA contracts through retail subsidiary.
• Benefited from market tailwinds for renewables after the war in Ukraine broke out and energy prices skyrocketed.
• Transformed the company to an attractive asset with an operating and under construction portfolio in Italy and Spain and about 90,000 retail customers.

Exit and Returns

• In December 2022, the company was sold to ENI Plenitude.