Bluefield Partners LLP, (“Bluefield”), a UK based investment adviser, and Arcano Capital, SGIIC, S.A.U (“Arcano”), are pleased to announce the launch of an Italian Co-Investment “special situation” vehicle, focused on Italian operational solar assets. The vehicle, Bluefield Revive Italia I Srl (the Italian holding), will target the acquisition of solar energy assets located in Italy with technical, financial or operational underperformance, with the aim of performing turnaround activities on the assets.
The vehicle will be advised by the Bluefield Group, with its Italian service companies providing asset management and advisory services. Their technical, financial and operational expertise will be used to implement the vehicle’s investment strategy and enhance the operational capacity of distressed assets.
The vehicle was founded by Bluefield Revive Solar SCSp and Arcblue Solar, SICC, S.A. Bluefield Revive Solar SCSp is a Luxembourg Alternative Investment Fund (AIF) funded by professional and institutional investors, sponsored by the London based investment adviser Bluefield Partners LLP and managed by its general partner Bluefield Lux GP S.à r.l.
Arcblue Solar, SICC, S.A is a Spanish special co-investment vehicle sponsored by Arcano Earth Fund, FCR and some of its LPs, managed by Arcano Capital SGIIC S.A.U., Arcano Partners´ management company.
Giovanni Terranova, Managing Partner of Bluefield Partners LLP, stated: “Bluefield Group, with its integrated platform that covers all aspects of the solar industry from investment to operations, is perfectly placed to address special situation assets. This is the third vehicle set up by Bluefield of this kind and this time we are very pleased to team up with a leading and experienced investor like Arcano.”
Pierre Sáenz Lafourcade, Chief Investment Officer of Arcano Earth Fund, said: “We are delighted to have been able to be part of, with our investors, such a great opportunity in the consolidation of a portfolio of operational PV plants in Italy together with Bluefield, a recognized Investment Manager with profound knowledge and sector specialization in the field”.
Bluefield was assisted by Osborne Clarke, with partner Umberto Piattelli, in the negotiation of the investment and shareholders agreement with Arcano and in the setting up of the Italian holding and corporate structure. Bluefield was also supported by Mazars, with the partner Giovanni Crenna, for tax aspects in relation to the Italian structuring.
Arcano was assisted by Cuatrecasas, with the partners Jorge Canta and Paz Irazusta, and associate Ana Serrano, in the negotiation of the investment and shareholders agreement with Bluefield and for the establishment of the investment platform in Spain.
In relation to the structuring and establishment of the platform in Luxemburg, Bluefield was assisted by AKD Luxembourg S.à r.l. Virginie Leroy and Jevgeniy Nesch, both Partners in Investment Funds Practice, who assisted with all fund, regulatory and legal aspects for the launch of the Luxembourg private equity fund. Tax elements were supported by Lionel Bonifazzi, Partner of Wildgen and Pablo Umbon-Manzano, Director of Wildgen.