EDHECinfra Post
Deal of the month: Anzi Windfarm (April 2023)
Publication date: 2023-05-25

In April, Fri-El Green Power SpA’s subsidiary, Alerion Clean Power SpA, purchased 51% of Fri-El Anzi Srl, an Italian firm that manages an electric power generation facility in Bolzano. The acquisition was completed for a sum of €18.8M.

The company has been operating an onshore windfarm in Anzi, Italy since June 2011. The windfarm consists of eight Vestas V90/2000 turbines (2,00 MW) and is eligible for a 15-year feed-in tariff (FIT) scheme.

Since 2019, Anzi Onshore Windfarm has experienced a significant increase in revenue, with sales rising from €4.9M to €8M in 2021 and an estimated €9M+ for 2023. This can be attributed to the increase in the spot price of electricity in Italy, which surged briefly to above 600 EUR/MWh in 2022 and can be expected to stay high (above 100 EUR/MWh). The windfarm sells its electricity into the wholesale market, and any increase in the spot price above the FIT rate has a direct positive impact on revenue.

Table 1: Key Metrics for Anzi Onshore Windfarm

Year 2023 (est.) 2021 2020 2019
Anzi Onshore Windfarm Sales c. EUR9M EUR8M EUR4M EUR4.9M
Total Assets c. EUR22M EUR20M EUR17.8M EUR19.2M


*Source: Annual Report Data, EDHEC Infrastructure and Private Assets Research Institute

Table 2 uses infraMetrics data to estimate a range of valuation ratios for windfarms in the United Kingdom. On a price-to-sales basis (3.6x), the deal seems fairly priced with an implied equity valuation of 34ME, a little below the realised value of 3.9x. On an EV-to-Ebitda basis, this transaction appears to be a good deal for the buyers, especially given its level of profits. However, this deal was announced as part of a tranche of several windfarm deals between the same buyers and sellers and this is likely to have affected pricing. It also suggests, as a number of actors have started to notice, that renewable asset prices are not always going up anymore.

Table 2: Price/Sales and EV/EBITDA Valuation Ranges


Equivalent quintile Average Price-to-Sales Average EV-to-Ebitda
by Size (TA) 3.5 7.6
by Profitability (RoA) 3.6 14.5
by Leverage 4.4 7.0
by Investment (Capex/TA) 3.5 7.6
by Remaining Life 3.1 6.1
by Country Risk 3.4 7.9
Average ratios (Comps)* 3.6 8.3
Implied Equity Valuation 34ME 61ME
Actual Price 36.9ME
Actual Ratio 3.9 5.15
Source: infraMetrics, *EV estimated to be 40ME



Deal of the month: Anzi Windfarm (April 2023)