Macquarie Asset Management has agreed to divest its 40% stake in Hydro Dolomiti Energia (HDE), an Italian hydropower company boasting 1.3 GW of installed capacity, at a valuation of approximately EUR 1 billion (USD 1.07 billion) for the entire business.
According to a press statement released on Tuesday, the stake will be acquired by a consortium comprising energy infrastructure investors Equitix and Tages Capital SGR SpA, alongside private equity and venture capital firm La Finanziaria Trentina SpA.
Established in 2009, HDE operates 29 hydropower plants across Italy's Trento province. The combined output from its facilities is sufficient to meet the annual electricity needs of approximately one million households.
The transaction is subject to various conditions, including a last-look pre-emption right that may be exercised by HDE's parent company, Dolomiti Energia Group, which currently holds the remaining 60% stake. Completion of the sale is anticipated by the fourth quarter of 2024.
Macquarie Asset Management, active in Italy since 2002, initially invested in HDE through the Macquarie European Infrastructure Fund 4 in 2016. At that time, the Australian firm acquired a 49% stake from a unit of Italian utility group Enel SpA for EUR 335.4 million. HDE then operated 26 large hydro plants totaling 1,277 MW and two small hydro facilities with a combined capacity of 2.4 MW.
