Global investment company ZZ Capital International has signed an agreement to invest in renewable energy producer Building Energy 1 Holdings.
The €70m co-investment with Zhongzhi Capital will be made through the purchase of a convertible bond and equity interests.
As part of the deal, Building Energy will move headquarters from Italy to the UK to “benefit from the depth of London’s capital markets, the breadth of expertise in renewable energy in the UK and the supportive environment for high growth companies”.
ZZ Capital International European head Sergio D’Angelo said: “Building Energy fits well within our investment strategy, which is focused on investing in entrepreneur and management-led companies operating in five key sectors and helping them to develop their business in China.”
Building Energy chief executive Fabrizio Zago said: “With the backing and expertise of ZZ Capital Investment, Building Energy now has the ability to take advantage of growth in the Asian renewable energy market.”
Synergo and Three Hills Capital Partners already have 30% and 7% stakes, respectively, in Building Energy.