Pacifico Energy, a solar and wind energy project developer, sold a 45 MW solar portfolio to Mytilineos in Italy.
The portfolio consists of three ground-mounted utility-scale projects that have received complete permits under the Italian PAUR regime. Dentons Italy acted as legal advisor to Pacifico.
Pacifico has owned and developed the projects from the greenfield stage since 2019 and will continue to support the projects on their way to commercial operation date as a service provider.
Fabian Herberg, Co-CEO and Founder of Pacifico, said: 'When we started these projects in 2019, Pacifico was among the first to believe subsidy-free PV was possible in Italy. Now we are delighted to contribute to Italy's decarbonization and increased energy independence. MYTILINEOS is the right player to now transform the projects into state-of-the-art plants.'
Pacifico currently has a 2 GW pipeline of renewable projects in the construction stage, with over 800 MW based in Italy.
Fabio Spucches, Global Head of Project Development of MYTILINEOS' M Renewables, said: 'We are delighted to announce the acquisition of this portfolio and to cooperate with such an experienced and sophisticated developer as Pacifico. This pipeline of projects in Southern Italy enriches our Italian portfolio, as it benefits from the great irradiation in the country.'
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW.
TotalEnergies, a diversified multinational energy company, recently acquired 200 MW of under-development solar projects. The portfolio comprises six under-development solar projects in Northern and Western Poland. The company also acquired biogas producer Polska Grupa Biogazowa. The solar projects are expected to be operational by 2025.
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