Italian asset management firm Fondi Italiani per le infrastrutture (F2i) has signed an agreement with Terra Firma to acquire 134 photovoltaic (PV) energy production sites in Italy.

The sites are owned by RTR and have an overall installed capacity of 334MW.

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The agreement was signed by F2i on behalf of its Third Fund. Terra Firma is a private equity fund operated under English law.

Financial details of the deal have not been divulged by the companies.

“Thanks to the overall scale of production reached with this acquisition, F2i becomes Europe’s third largest producer of electrical power from solar energy.”

RTR CEO Ingmar Wilhelm said: “Terra Firma built RTR from the ground up, using our operational and strategic management expertise to drive growth through selective acquisitions, and now is the right time to hand over to a new long-term owner.

“This is an exciting time in the Italian and European solar industry, and the new owner has a great platform for future growth and consolidation.”

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By the end of this year, F2i intends to confer all PV assets held by the Fund (389MW) to EF Solare Italia, making it one of Europe’s leading operators with an installed capacity of more than 800MW.

EF Solare Italia is an equal joint venture (JV) between Enel Green Power and the F2i.

F2i has recently expressed intent to acquire the remaining 50% stake of EF Solare Italia that is currently held by Enel.

F2i CEO Renato Ravanelli said: “Thanks to the overall scale of production reached with this acquisition, F2i becomes Europe’s third largest producer of electrical power from solar energy.

“The noteworthy operating and financial efficiencies of scale achieved will also make it one of the continent’s most efficient operators.”

Completion of the deal is subject to approval from the antitrust authorities.