Lizard Renewables to acquire 73.53% stake in PLC S.p.A. ahead of mandatory tender offer

Lizard Renewables S.p.A. has reached an agreement to acquire the controlling interest in PLC S.p.A. currently held by Fraes S.r.l., representing 73.53% of the share capital of the company listed on Euronext Milan. Following the completion of the transaction, Lizard Renewables—acting directly or through a wholly-owned subsidiary—will launch a mandatory public tender offer for the remaining outstanding shares of PLC, aimed at the delisting of the company.

The operation represents a strategic move within the renewable energy sector, designed to create an integrated independent power producer by combining the industrial and operational expertise of both groups in energy infrastructure and green energy production. Lizard Renewables, founded in 2019, specialises in the development and construction of photovoltaic, wind, biomethane, and green data centre projects, as well as energy storage systems (BESS). PLC Group provides engineering, procurement, construction, and maintenance services for high and medium voltage electrical infrastructure.

Lizard Renewables S.p.A. was assisted by LegisLAB with a team led by partner Daniele Iorio and included senior associate Gianluca Brambati. EY acted as advisor for the financial and tax due diligence activities.

The seller, Fraes S.r.l., was assisted by Norton Rose Fulbright as legal advisor and by Strada Borghetti Cavo e Associati as financial advisor.