BP Weighs Bid for $one.8BN Italian Solar Company
BP Plc is contemplating a bid for one particular of Italy’s premier collection of photo voltaic
belongings, in accordance to people familiar with the issue.
Personal equity organization Terra Firma Capital Associates Ltd. will kick off the sale of Rete Rinnovabile Srl up coming thirty day period, the people stated, asking not to be identified due to the fact they’re not licensed to communicate publicly. Rete Rinnovabile, acknowledged at RTR, is valued at about one.5 billion euros (US$one.eight billion) by Terra Firma.
BP returned to the photo voltaic electricity industry with a $two hundred million investment decision in British organization Lightsource Renewable Strength Ltd. last thirty day period, six a long time right after it closed a unit that produced panels. Oil firms are growing their pursuits in renewables as they look for techniques to make income in a world ever more in search of cleaner kinds of vitality.
The sale is also attracting desire from firms from China to Abu Dhabi, the individuals said. Potential suitors for RTR, which operates 130 web sites nationwide, include Enel SpA, Masdar Abu Dhabi Potential Power Co. and German utilities EON SE and Innogy SE, folks familiar with the subject explained in November.
A spokesman for BP declined to comment on a possible bid.