LT Renewables expands solar portfolio with the acquisition of Enerray as the Maccaferri Group recovers from financial losses. This all-cash purchase put LT Renewables in a strong position to take advantage of the actionable opportunities that have presented themselves in the Italian and European solar and renewables markets.
LT Renewables is an Italian operation and maintenance provider for solar installations. They have recently acquired Enerray, a solar installation subsidiary of the Maccaferri Group. As of now, there are no financial details, but it was announced that it was an all-cash sale. This gives LT Renewables an additional 240 MW of capacity in Italy.
The Maccaferri Group has been rebuilding after its financial struggles last year. Their plan is to sell any nonessential aspects of their company in order to maintain the original core structure. As part of their debt reconstruction, the Maccaferri Group has also been selling these subsidiaries to reduce its debt. Over the past year, they have sold three of their other units. This deal began with LT Renewables renting the operations and maintenance subsidiary, but now is taking possession of Enerray’s entire company to include the engineering, procurement, and construction aspects.
LT Renewables was founded in 2015 and has made five acquisitions since then. All of these have been in the renewables field and have greatly increased their solar portfolio. Their most recent acquisition before the purchase of Enerray has expanded their solar capacity from 220 MW to 500 MW within this year. The acquisition of Enerray is also said to have kept the same employment level and employees, as not to disrupt the company operations.
With this announcement, LT Renewables made certain to emphasize their new opportunities from taking over this company. Italy, along with many other countries as we have seen, has made a renewable energy plan. Their Green Deal for Europe as a whole aims to raise the clean energy capacity by 1.1 GW every year for the next decade. This goal is backed by the Italian government who aims to progress its solar capacity from 22 GW to 30 GW in the upcoming years. Their goal was less specific than the 11 GW that Europe has specified but just as ambitious as they plan to account for over half of this growth in solar capacity alone.
“The integration of Enerray in our Group gives birth to a national champion, the leader in the sector, able to play an active role in consolidating the sector and increasing the technological content of the services offered.â€
LT Renewables’ chairman Dario Levi
This makes Italy an excellent location for investors looking to be involved in solar, and solar companies looking to expand into other countries. With support from the Italian government, these types of projects should become more common and easier to plan and carry out operations. They plan to slowly stop fossil fuel power production as they build their solar and renewables industry, which will also require the addition of solar storage to become a trustworthy and reliable source of constant power.
