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BP considers bid for Italian solar jewel

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BP is mulling a potential $1.8bn bid for one of Italy’s largest collections of solar energy assets.

Bloomberg reports that private equity company Terra Firma Capital Partners Ltd. will kick off the sale of Rete Rinnovabile Srl next month.
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BP made a $200m investment in Lightsource Renewable Energy in December, a return to clean energy funding, six years after it closed a unit that made solar panels.

Other potential suitors include Enel SpA, Masdar Abu Dhabi Future Energy Co. and German utilities EON SE and Innogy SE.

Terra Firma initially acquired solar plants from Italian grid operator Terna Group in 2011 to form RTR. Since then, the company has grown through seven acquisitions, which have more than doubled its power output.

A spokesperson for BP declined to comment on a potential bid.

Terra Firma initially acquired solar plants from Italian grid operator Terna Group in 2011 to form RTR. Since then, the company has grown through seven acquisitions, which have more than doubled its power output.

 

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