Italian construction company Piacentini Costruzioni, owned by Sistema Iniziative Locali, announced it has sold its hydropower development company, Idroemilia Srl., to Serenissima S.G.R. S.p.A.
Based in Verona, Serenissima is an asset management company that owns the Closed-End Real Estate AIF (Alps Energy RE Fund), the fund through which it acquired Idroemilia.
According to the Nov. 28 announcement, Idroemilia manages a portfolio, which includes two operational hydropower plants that have a total installed capacity of about 7.5-MW and two projects being developed. The current and planned facilities are located in the provinces of Reggio Emilia and Modena, known as the Emilia Romagna region of Italy.
In 2016, lenders that include BPER Banca and MPS Capital Services provided Idroemilia about US$19 million in funding to develop projects.
According to a Nov. 29 notification, International law firm Watson Farley & Williams, which took part in the 2016 agreement, notified the lenders that the funding agreement is being amended following the acquisition of Idroemilia.
Serenissima began operations in 2004 and obtained authorization from the state-controlled Bank of Italy to provide collective asset management services.
BPER Banca is a commercial and co-operative bank and the parent bank of the BPER Group. MPS Capital Services Banca per le Imprese S.p.A. is the corporate and investment banking arm of MPS Group, Italy’s third largest banking group.
In other news related to small hydro development in Italy, earlier this year HydroWorld.com reported on wave energy research and development in the Adriatic Sea.
Italy’s National Agency for New Energy Technologies (ENEA) unveiled its Pendulum Wave Energy Converter (PEWEC) wave device during ENEA’s Electric Energy from the Sea conference.
The 1:12 scale PEWEC prototype is the result of collaboration with the Polytechnic University of Turin as part of a program agreement between the Ministry of Economic Development and ENEA.
In 2016, hydro turbine manufacturer HeliosAltas Corp. signed a memorandum of understanding with Italian fabricator Rampinelli S.p.A. to develop, service and sell the Helios PowerWheel in Europe.
PowerWheel units range in power output from 5 kW to 40 kW, the device is modular technology and all of its generation components are contained within its shell.
In May 2016, HeliosAltas signed an agreement with DA Green Power Consulting to deploy PowerWheel units in the Philippines.