01/06/2022 - ABN Amro Bank NV: ABN AMRO Sustainable Impact Fund (SIF) to divest its stake in MP Solar

Today, ABN AMRO Sustainable Impact Fund announces the sale of its stake in MP Solar B.V. MP Solar B.V. is a company that owns eighteen photovoltaic systems located in Italy. As from 2009 MP Solar executed a successful buy-and-build strategy. ABN AMRO SIF holds a 100% stake in MP Solar B.V. This stake will be sold to ERG S.p.A. by their subsidiary ERG Power Generation S.p.A.

ERG engages in the generation and distribution of electricity from renewable sources. The company was founded in 1938, is headquartered in Genoa, Italy and is listed on the Milan stock exchange with a market cap of around EUR 5bn.

Sale in line with new strategy ABN AMRO SIF

The sale represents a success for ABN AMRO SIF and is line with the refreshed strategy to focus on investing in companies who are active in the Energy Transition, the Circular Economy or whose mission is to create Social Impact.

Closing expected in Q2

The past months there has been a lot of interest in MP Solar in the current climate of structural overhang in energy markets in Europe. The enterprise value of the transaction is €128 million as of 31/12/2021. The closing of the agreement is subject to the meeting of certain suspensive conditions and will take place by the second quarter of 2022. The sale will result in a book gain for ABN AMRO.

Portfolio with excellent operational performance

Thijs Nijland from ABN AMRO SIF: "We are very happy with the outcome of this process. It represents a culmination of more than 10 years of hard-work with the valuable support of Felice Nicola Covelli and his team at GreenPro. This has resulted in a portfolio, generating excellent operational performance. We are pleased to see that the future of this portfolio is in the capable hands of ERG."

Jarco de Swart