November 26, 2018 / 3:31 PM / in 23 days

Tages in exclusive talks to buy Glennmont's Italy solar plants: sources

MILAN (Reuters) - Investment fund Tages is in exclusive talks to buy the Italian solar power plants put on sale by clean energy investor Glennmont Partners, two sources said on Monday.

The exclusive talks will last up to 15 days, one of the sources said.

“Tages is close to reaching a deal, though the actual closing is unlikely to happen before January,” the source said.

Besides the investment fund, Italy’s biggest regional utility A2A (A2.MI) and Italian green energy group Erg (ERG.MI) also presented binding bids.

The Glennmont portfolio comprises three plants with a capacity of 85 megawatts. Sources previously said the portfolio could be worth around 350 million euros ($397 million).

The deal flags growing interest in Italy’s fragmented solar sector after fund F2i agreed in July to buy Terra Firma’s Italian solar portfolio for 1.3 billion euros.

Italy’s 5-Star Movement, part of the ruling coalition with the right-wing League, is keen to boost renewable energy as part of plans to phase out fossil fuels by 2050.

Glennmont, which also has 285 MW of wind farms in Italy, is being advised by Rothschild and law firm Orrick.

The companies involved declined to comment or were not immediately available for a comment.

Reporting by Stephen Jewkes; Editing by Alexander Smith

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