The Italian energy company said that the sale of the biomass power facilities is part of its strategy for active management and asset rotation.

Included in the sale are Mercure and Finale Emilia, two operating plants, located in Calabria and Emilia Romagna, respectively, having a combined capacity of 47MW.

Another two plants, with a combined power generation capacity of 48MW, are under construction in Sardinia and Emilia-Romagna. Enel will be selling 50% stake in Powercrop, its joint venture with Maccaferri, the owner of the two biomass plants, which are slated to enter into production by the year end.

The fifth biomass plant to be acquired by F2i is the 12MW Casei Gerola plant under development in Lombardy, which is awaiting regulatory approval. Subjected to conclusion of the authorization procedure, the Casei Gerola biomass plant is anticipated to enter into operations in 2019.

F2i said that the acquisition of the biomass portfolio makes it one of the leading operators in the generation of power from vegetable biomass. Further, the transaction is part of its strategy for the entire sector of vegetable-biomass renewable energy, consolidating on its last year’s acquisition of San Marco Bioenergie, the operator of a 21MW thermal power plant in the Italian town of Bando d’Argenta, which is fuelled with solid biomass.

F2i CEO Renato Ravanelli said: “The challenge that we’ve taken upon ourselves with this investment is to transform electric power plants into facilities that serve the agricultural system, as well as the local authorities responsible for preventing the deterioration of woodlands, rivers and streams.

“F2i is simply living up to its mission of being a private investment fund capable of pursuing the objective of creating long-term value while also presenting business prosposals guaranteed to result in positive fallout for the entire national economic system”.

The overall transaction is subject to the authorization of the Antitrust Authority and meeting of other conditions. It may also take place through individual transfers of the five biomass plants between 2018 and 2019.