Norton Rose Fulbright has advised the Santander Group on the sale of a stake in a 10MW solar park located in the Municipality of Serre (Province of Salerno, Campania Region) to Italian investor Finanziaria Internazionale Investments (“FII”). The park is situated on land belonging to the Italian Ministry of Defence.

The transaction involved not only the transfer of the ownership of the solar park, but also the assignment of the land use concession granted by Difesa e Servizi S.p.A (a company that manages the real estate properties of the Ministry of Defence) to Perseide Energie, which is owned by Cattolica Assicurazioni Group. Perseide Energie is a real estate fund managed by FII.

The Norton Rose Fulbright team was led by banking and energy team leader Arturo Sferruzza, assisted by senior associate Enrica Pagani. Watson, Farley & Williams advised FII on the acquisition of the park, while CBA Studio Legale e Tributario advised FII on the tax aspects of the transaction.