CMC Capital Advised NatPower in the €50m investment by VINCI S.A. into NatPower S.A.

Additionally, NatPower and Cobra SCE, a subsidiary of VINCI, have signed a Cooperation Agreement for the development of renewables projects in the United States.

NatPower is of the leading international independent renewables developers with a pipeline totalling more than 32 GW.

VINCI is a global player in concessions, energy and construction, employing 280,000 people in more than 120 countries. 

This partnership further consolidates the market positioning of NatPower as one of the leading international independent renewables developers and further enhances its development capabilities through the support of a leading global infrastructure developer and investor such as VINCI.

CMC Capital advised PLC SpA on the disposal of its 51% stake in Schmack Biogas Srl to Hitachi Zosen Inova.

Schmack Biogas is a leading player in the Italian biogas and biomethane industry, with more than 70 plants across Italy and internationally.

Schmack Biogas is a leading EPC and O&M service player in the Italian market, with strong project development prospects.

The acquisition of Schmack Biogas enhances HZI’s portfolio by adding additional EPC and O&M service capacities, as well as expanding its presence in Italy.

With this transaction, PLC SpA further simplifies its corporate structure focusing on its core business activities in the Italian renewable sector.

CMC Capital advised the Tiozzo Family on the disposal of an 85% stake in Atlantico S.p.A. to Patrizia Infrastructure Limited, acting through its Smart Cities Infrastructure Fund.

Atlantico is one of the largest independent players in the public lighting sector in Italy and is one of the top private independent ESCO (“Energy Service Company”) operators in the Italian landscape. The company offers municipalities strong expertise in carrying out revamping and energy efficiency focused interventions of public lighting networks.

This transaction marks CMC Capital’s third deal in Italy’s public lighting space, having advised Edison in the acquisition of Citelum Italy from EDF and Fondo Italiano per l’Efficienza Energetica in the sale of Selettra.

Transaction Highlights

CMC Capital advised Bluefield Partners on the sale of their 10MW solar portfolio to Tages.

Bluefield was founded in 2009 and is composed of five companies active in the development, investment, asset management and O&M services:  respectively Bluefield Development, Bluefield Partners, Bluefield Services and Bluefield Operations.

Tages is an asset manager and leading photovoltaic operator in Italy with 612MW of installed capacity.

Transaction Description

The Seller build this portfolio in 2019 through several different transactions and sine then has implemented both operating and financial initiatives aimed at improving its overall performance.

The portfolio comprises of 3 SPVs with a total of 10 plants of 1MW capacity each, for a total capacity of ca. 10 MW.

Plants are eligible for Conto Energia tarriff (CE IV). 

Transaction Highlights

CMC Capital Advised FIEE on the sale
of Comat Servizi Energetici (CSE) and Metrotermica to Marguerite and Pioneer Point Partners.

CSE and Metrotermica are two ESCo companies respectively based in Turin and in Rome.

FIEE is a private equity firm that invests in European companies active in the areas of energy
efficiency and energy transition.

Marguerite is a pan-European investor in infrastructure seeking sustainable and capital-intensive investment opportunities.

Pioneer Point Partners is an investor in sustainable infrastructure in Europe and has invested €1.4bn.

Transaction Description

FIEE, Marguerite and Pioneer Point Partners joined forces to form Italy’s largest operator in the residential energy efficiency sector by combining CSE and Metrotermica. The transaction has been carried out by the funds: Marguerite III, Pioneer Infrastructure Partners and IEEF II.

Marguerite and Pioneer Point Partners acquired 100% of CSE, a subsidiary of IEEF I and Comat
S.p.A., and FIEE contributed, through IEEF II, its subsidiary Metrotermica to CSE, thus becoming a
co-shareholder with the other two international funds.

The integrated company will be the leading player in the Italian residential energy efficiency
market, providing energy management services to 3,200 apartment buildings in northern and central
Italy.

CSE, with revenues of around €75m grown about four times since 2018, is the leading Italian
independent residential energy efficiency company serving 2,700 apartment buildings.

Metrotermica, founded in Rome in 1977 and with revenues of approx. €9m in 2022, deals with energy efficiency serving about 500 apartment buildings in central Italy.

Transaction Highlights

Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund (PIF) of KSA, has acquired the World Dream, a contemporary cruise vessel, from Dream Cruises, a subsidiary of Genting Hong Kong.

Cruise Saudi was launched in 2021 with an aim to establish the Red Sea and Saudi Arabia as a cruising hub, with Cruise Saudi as the driving force behind building a fully integrated and sustainable cruise offering.

The vessel was auctioned in Singapore in late 2022 and the purchase was finalised in February 2023.

The terms of the transaction were not disclosed.

Transaction Description

The vessel was delivered to Cruise Saudi on 28 February 2023.

The vessel has been renamed Manara and is set to undergo a renovation to better align with its new ownership strategy.

The acquisition of Manara compliments Cruise Saudi’s strategy to build Saudi Arabia’s cruise ecosystem and  into becoming a global cruise destination.

Key Features of the vessel:

1,674 cabins able to carry 3,352 guests and 2,000 crew members.

70% of staterooms have private balconies and more than 100 connecting rooms .

Over 35 restaurants and a bar with a 610m promenade.

Equipped with pools, six water slides, play rooms rock climbing walls and mini-golf and a full complement of health and well-being facilities.

Selettra S.p.A., a holding company controlled by Fondo Italiano per l’Efficienza Energetica has completed the sale of the entire share capital of Selettra Illuminazione Pubblica S.r.l. to Patrizia Infrastructure Limited, acting through its Smart Cities Infrastructure Fund.

The acquisition of Selettra IP represents a highly compelling investment opportunity for Patrizia, given the attractive potential synergies with Ottima, leader in the Italian smart lighting sector, acquired by Patrizia in October 2022

Selettra IP represents the second largest independent ESCo player in the public lighting sector in Italy, with c.50 employees and more than 140k light points under management located in 6 Italian regions

Selettra IP combines a sizeable existing concession portfolio with a highly visible growth pipeline, resulting in a predictable and growing cash flow generation profile.

The company is mainly active in 2 business lines:

Energy efficiency solutions, through a tailor-made approach; and
Energy production through renewable energy (it owns a 60MW PV projects at development stage).

Its energy efficiency expertise, combined with a strong connectivity with local stakeholders, allows diversification into attractive businesses like large-scale PV and energy communities.

Selettra represents a key infrastructure enabler of the “Smart City Revolution”, resulting in significant cross-selling opportunities in relation to innovative businesses like 5G and smart cities

CMC Capital advised CRAB Holding S.p.A. on the disposal of its 3MW operating solar plant in Lazio.

In August 2022, the seller successfully closed the transaction with Bluefield Group, a UK-based investment platform specializing in renewable energy.

The consideration of the transaction was not disclosed.

The Seller

CRAB Holding S.p.A. is the holding company of Cavaliere del Lavoro, Roberto Balma, who is also the controlling shareholder of Fini Nuair S.p.A. 

Bluefield Group

Bluefield Group is an integrated investment and asset manager covering the entire solar value chain. Bluefield manages c.€1.4bn of renewables assets, of which 800 MWp of capacity in the UK & Europe.

F2i, Italy’s leading infrastructure fund, has signed an agreement to acquire a 40% stake in Enérgya-VM (EVM), a retail electricity company, from the Villar Mir Group.

CMC Capital acted as the financial advisor to F2i.
The agreement also admits a short-term option to acquire the remaining 60% stake in EVM, laying the foundations for the development of an integrated business in the electricity sector also outside Italian borders.

The consideration of the transaction was not disclosed.

F2i

F2i SGR is Italy’s largest independent infrastructure fund manager, with assets under management of approximately € 7 billion. The companies in F2i’s network make up Italy’s main infrastructure platform, spanning six key sectors of the national economy such as transport and logistics, energy for transition, circular economy, distribution networks, telecommunications networks and services, and social-healthcare infrastructure. Led by its CEO Renato Ravanelli, F2i, through its subsidiaries, has 23,000 employees in Italy, whose work allows millions of people to use services and infrastructure that are essential for daily life. F2i SGR’s key shareholders include financial institutions, including banking foundations, domestic and foreign social security and pension funds, domestic and international asset managers, and sovereign wealth funds. The funds managed by F2i SGR are subscribed by leading Italian and foreign institutions.

Villar Mir Group

Grupo Villar Mir was founded in 1987 by Juan Miguel Villar Mir de Fuentes, current Chairman, has a geographical presence in 31 countries across Latin America, North America, Africa, Europe, Asia and Australia. The Group, with over 11k employees, operates through 6 subsidiaries in real estate, electrometallurgy, production and marketing of electricity, construction, concessions, services and development. Two companies, Ferroglobe (electrometallurgy) and OHL (construction) are listed on the Madrid Stock Exchange (€1.4bn and €0.5bn market cap, respectively). 

F2i, Italy’s leading infrastructure fund, and Crédit Agricole Assurances have signed an agreement to acquire from the Villar Mir Group wind farms in operation (53 Megawatts of capacity) and wind projects at an advanced stage of development (430 Megawatts of capacity), located in Northern Spain.
CMC Capital acted as the sole financial advisor to F2i and Crédit Agricole Assurances.

F2i, through Fund V – Fondo per le Infrastrutture Sostenibili, will acquire 60% of the wind power portfolio and the remaining 40% will be held by Credit Agricole Assurances. The seller Villar Mir is a historic Spanish conglomerate operating in 31 countries in the real estate, metalworking, power generation and construction sectors.

The consideration of the transaction was not disclosed.

F2i

F2i SGR is Italy’s largest independent infrastructure fund manager, with assets under management of approximately € 7 billion. The companies in F2i’s network make up Italy’s main infrastructure platform, spanning six key sectors of the national economy such as transport and logistics, energy for transition, circular economy, distribution networks, telecommunications networks and services, and social-healthcare infrastructure. Led by its CEO Renato Ravanelli, F2i, through its subsidiaries, has 23,000 employees in Italy, whose work allows millions of people to use services and infrastructure that are essential for daily life. F2i SGR’s key shareholders include financial institutions, including banking foundations, domestic and foreign social security and pension funds, domestic and international asset managers, and sovereign wealth funds. The funds managed by F2i SGR are subscribed by leading Italian and foreign institutions.

Crédit Agricole Assurances

Crédit Agricole Assurances, France’s largest insurance group, unites Crédit Agricole’s insurance subsidiaries. The Group offers a range of savings, retirement, health, personal protection, and property insurance products and services. They are distributed by the Crédit Agricole’s banks in France and in eight other countries around the world. The Crédit Agricole Assurances companies serve individuals, professionals, farmers, and businesses. Crédit Agricole Assurances has 5,300 employees. Its premium income at the end of 2021 amounted to EUR 36.5 billion (IFRS).

Villar Mir Group

Grupo Villar Mir was founded in 1987 by Juan Miguel Villar Mir de Fuentes, current Chairman, has a geographical presence in 31 countries across Latin America, North America, Africa, Europe, Asia and Australia. The Group, with over 11k employees, operates through 6 subsidiaries in real estate, electrometallurgy, production and marketing of electricity, construction, concessions, services and development. Two companies, Ferroglobe (electrometallurgy) and OHL (construction) are listed on the Madrid Stock Exchange (€1.4bn and €0.5bn market cap, respectively).  

A&K Travel Group, owned by Heritage Group, the industrial holding group of Manfredi Lefebvre d’Ovidio and Geoffrey Kent, has acquired Crystal Cruises, the luxury cruise business.

CMC Capital acted as the sole financial advisor to A&K Travel Group.

Crystal Cruises operates two luxury ships, the Crystal Symphony and Crystal Serenity, that will resume service in 2023 after undergoing extensive refurbishment and will operate under the Crystal Cruises brand.

The consideration of the acquisition was not disclosed.

Abercrombie & Kent (A&K) Group

Geoffrey Kent founded A&K in Kenya in 1962 and is today’s pioneer in luxury and adventure travel. A&K has more than 55 offices in over 30 countries dedicated to partnering with premium and luxury travel companies to provide innovative travel experiences on all seven continents. On-site offices staffed 24/7 guarantee a seamless process from itinerary design to on-the-ground services for Tour Operators, Cruise Lines, Meeting & Incentive Groups, and Travel Professionals. A&K DMC services are only available on a business-to-business basis to travel industry professionals.

Crystal Cruises

Crystal Cruises is a well-regarded luxury cruise company founded in 1989, with a strong brand equity and a loyal customer base. It is also the only cruise company that has earned the most “World’s Best” awards in history. Crystal Cruises provides customers with access to 70+ countries, 170+ destinations, and 130+ itineraries. The company is headquartered in Miami, United States

Fenice S.p.A, a wholly owned subsidiary of Edison S.p.A, acquired the Italian and Spanish operations of Citelum S.A, a subsidiary of EDF Group.

CMC Capital acted as an advisor to Edison’s Independent Directors in the acquisition from Citelum of its public lighting activities in Italy and Spain.

As a result of the acquisition, Edison is the second largest operator in Italy in the public lighting sector, with over 700 lighting points. Also, through its subsidiary Fenice, it manages 2,100 public and private structures, 80 district heating plants, 45 industrial sites powered by electricity production plants (including renewables and cogeneration plants) and 27 environmental service sites.

The consideration for the transaction was not disclosed.

CMC Capital advised PRV Energy S.r.l., CRAB Holding S.p.A. and GP Joule PV-UE Beteiligungs-GMBH on the disposal of their 6.2 MW operating solar portfolio in Sardinia.

In June 2022, the sellers successfully closed the transaction with Bluefield Group, a UK-based investment platform specializing in renewable energy.

The consideration of the transaction was not disclosed.

The Sellers

PRV Energy was incorporated in October 2008 with the purpose of developing and operating PV solar farms in Italy. PRV Energy shareholders are a group of private Italian and British investors.

CRAB Holding S.p.A. is the holding company of Cavaliere del Lavoro, Roberto Balma, who is also the controlling shareholder of Fini Nuair S.p.A.

GP Joule is a leading German EPC contractor.

Bluefield Group

Bluefield Group is an integrated investment and asset manager covering the entire solar value chain. Bluefield manages c.€1.4bn of renewables assets, of which 800 MWp of capacity in the UK & Europe.