Macquarie Asset Management has agreed to sell its 40% stake in Hydro Dolomiti Energia (HDE) to a consortium which includes Equitix Euro Funds, Tages Capital SGR S.p.A., La Finanziaria Trentina S.p.A., and local industrial co-investors and institutions. The deal values the business at about €1 billion.
HDE operates 29 hydropower plants in Trento, Italy, with a total capacity of 1.3 GW. These plants produce enough electricity to power around one million homes each year.
“Hydropower is a strategic asset, playing a key role in the energy transition and providing a clean and system-critical source of power as the installation of new solar and wind accelerates across Italy. Under our stewardship with the Dolomiti Energia Group, Hydro Dolomiti Energia has continuously provided a secure and reliable source of electricity while developing a highly-skilled technical and commercial operations team, and contributing to the economy of the province. We wish the business every success as it embarks on its next chapter,” said Stéphane Brimont, Managing Director at Macquarie Asset Management.
Macquarie European Infrastructure Fund 4 invested in HDE in 2016. Together with Dolomiti Energia Group, they have improved the asset’s condition, developed local jobs, and set long-term strategic goals.
Macquarie remains a key investor in Italian infrastructure. Its funds support projects like Italy’s national motorway system via Autostrade per l’Italia and investment in digital infrastructure through Open Fiber.
Hugh Crossley, CEO of Equitix Investment Management Limited, said, “Equitix is very proud to be investing in Hydro Dolomiti Energia, which is critical to Italy’s energy security and a major energy transition asset. Italy is a core market for Equitix where we have been investing in infrastructure and renewable energy for more than a decade. We also look forward to continuing our collaboration with our friends and fellow shareholders at Dolomiti Energia Group, where we have been a shareholder since 2021.”
The transaction is pending certain conditions, including a last-look pre-emption right by Dolomiti Energia Group, and is expected to close by Q4 2024.
