Watson Farley & Williams (“WFW”) advised Mirova group (“Mirova”) on the establishment of a joint venture, through its fund Mirova Energy Transition 6 SLP, with Qualitas Energy (“Qualitas Energy”), through its fund Qualitas Energy IV, to develop, build and operate up to 250 MW of renewable projects in Italy.
The joint venture, which will be majority owned by Mirova, acquired a portfolio of 33 solar photovoltaic (PV) projects developed by Qualitas Energy. The projects are located across Italy in the Piedmont, Friuli, Marche, Lazio, Campania, Basilicata, Sardinia and Sicily regions. They have reached various stages of maturity, including 53 MW of operational projects, 41 MW of ready-to-build projects and another 54 MW that are expected to achieve that stage by December 2025. The portfolio may also be expanded to include wind projects with an expected capacity of 100 MW.
Mirova is a global asset manager and affiliate of Natixis Investment Managers dedicated to sustainable investment. Qualitas Energy is a leading global investment and management platform with a dual focus on funding and developing renewable energy, energy transition and sustainable infrastructure.
The cross-border, multi-practice WFW team that advised Mirova was led by WFW Italy Head Eugenio Tranchino, assisted by Senior Associate Giovanni Benedetto, Associates Francesco Vanzaghi and Sonia Basso and Trainee Francesca Romana Bazzani on corporate matters, including the incorporation of the joint venture, the negotiation and drafting of all transaction documents, signing and closing. Partner Tiziana Manenti, Senior Associate Cristina Betti, Associates Antimo Rocco Nersita, Marco Iannotti, Dario Matrecano and Francesca Angelilli advised on the regulatory aspects of the transaction as well as on legal due diligence. Senior Associate Anthony Bellacci and Trainee Roberto Di Marzo provided real estate expertise, with Senior Associate Michele Laterza advising on competition matters. French law expertise was provided by Paris Corporate Partner Thomas Rabain and Associate Mohamed Douib.
Eugenio commented: “We are delighted to have advised Mirova in their first direct investment in Italy. This joint venture aligns seamlessly with our country’s commitment to green transition and WFW is enthusiastic to help play a leading role in achieving this strategic goal”.
