Italian-based renewable energy developer Enel Green Power (EGP) has teamed with Italian asset management firm F2i (Fondo italiano per le infrastrutture) to consolidate a total of 210MW of operating PV power plants in Italy into a 50/50 joint venture.

EGP said that the deal was to enable greater value creation from the pooled plants, including reducing operating costs and future project financing costs as well as improving energy management of the plants.

EGP said it would contribute through its subsidiary Altomonte FV, 105MW of PV assets, while F2i would add 105MW of PV assets via its subsidiary, F2i Solare.

The transaction is expected to be completed by the end of 2015, which would raise around €121 million for EGP, which also has an option to buy a majority share in the JV.

The Italian PV power plant business was expected to go through a period of consolidation of assets owners are from a large base of financial institutions and private operators.