VTTI, a global leader in energy storage and developer of energy infrastructure, and IKAV, an international asset management group headquartered in Germany, have entered a consortium to acquire majority ownership of Terminale GNL Adriatico Srl, also known as Adriatic LNG, which operates the regasification terminal located 15 kilometres off the coastline of Veneto region in Italy.

Adriatic LNG terminal has a technical regasification capacity of 9.6 billion cubic meters of natural gas per year (equal to half of Italy’s current LNG import capacity), supplying approximately 14% of the country’s national consumption of natural gas.

Both VTTI and IKAV have a long-term strategic view on the terminal and aim to further explore growth opportunities in the country. VTTI brings operational knowledge of energy terminals and infrastructure, while IKAV contributes existing in-depth experience in the Italian energy market, as well as a long-term track record in managing and operating both renewable and conventional assets.

The consortium will ensure seamless operations and continuous support to Adriatic LNG, to enhance security of energy supply in Italy, the second largest gas consuming country in the European Union.

The closing of the transaction is expected in the second half of 2024.

Mizuho Securities acted as financial advisor to IKAV. Natixis Partners Iberia acts as financial advisor to the consortium. Natixis and Intesa Sanpaolo act as underwriters for the acquisition financing facility. Herbert Smith Freehills acts as legal advisor to the consortium.

About VTTI

For over 18 years, VTTI has been a global leader in independent energy storage and now develops critical energy infrastructure needed to move towards a carbon neutral future. Fueled by its purpose, ‘Energy to Move Tomorrow,’ the company safely provides and expands access to essential energy, including fuels, chemicals, gasses, and other energy derived products and accelerates the transition to sustainable sources for customers and partners. Please visit www.vtti.com for more information.

VTTI’s Headquarters is in Rotterdam, Netherlands and the company is owned by Vitol, IFM Investors and ADNOC.

About IKAV

IKAV is an international asset management group, with local offices in Germany, Luxembourg, Italy, Spain, Portugal, USA and France. The group was established in 2010. It provides institutional investors with investment solutions spanning a broad range of infrastructure energy assets, including solar, concentrated solar power, wind, energy efficiency, geothermal, thermal power plants & upstream. IKAV is a buy & hold investor with a vertically integrated business model to optimise its investment portfolio and to make its assets in line with the global net zero strategy over the upcoming decades.