CDC Infrastructure makes a €9 million commitment to ForVEI to take a 24% shareholding.
ForVEI, the joint venture between VEI Capital and Luxco 2 (which includes Quercus Renewable Energy and the recently announced JV between Adenium and Foresight) is pleased to announce that CDC Infrastructure (CDC) has taken a 24% stake with a commitment of €9 million.
Agreement in principle has been signed and is now subject to approval of the transaction by the European Commission. It is expected that completion will take place in August 2012.
Following completion, the majority shareholder will remain VEI Capital with 52%, while CDC Infrastructure and Luxco 2 will retain a 24% stake each; the total equity committed in ForVEI by the various shareholders now stands at €37 million.
The current portfolio of ForVEI comprises solar generation assets for a total installed power capacity of c. 30 MW in aggregate; the multishareholders vehicle, advised by Foresight Group (Foresight) which also acts as arranger and asset manager, is now targeting 100MW of Solar PV assets in Italy, and this development is a significant step in progressing towards this ambition.
ForVEI recently signed a sale and purchase agreement for the acquisition of additional 8MW in the Lazio Region from Aleph Solaria; the closing of this acquisition, which remain subject to certain conditions precedent – including bank waivers, is expected to take place by the end July 2012.
For more information, please contact:
Ben Thompson: firstname.lastname@example.org 01732 471855
Notes to Editors
VEI Capital is an Investment Company including primary Italian institutional investors such as Palladio Finanziaria, Assicurazioni Generali, Intesa Sanpaolo, Veneto Banca SpA and Banca Popolare di Vicenza. With a capital commitment in excess of €500m, VEI Capital operates in Private Equity as well as Infrastructure and Energy sectors.
Foresight is an independent alternative asset manager, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities. Foresight has in excess of £650 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs). In the solar sector, Foresight’s solar funds have already invested in more than £310 million of operating PV assets in the UK, Italy and Spain.
Adenium was launched in early 2010 as an investment company, specializing in the investment and deployment of clean energy and alternative energy – related sectors. Adenium’s mandate is to build a diversified global portfolio of clean energy assets with an initial focus on the European, Middle Eastern and North American solar markets.
CDC Infrastructure is a 100% subsidiary of Caisse des Dépôts and makes long-term equity investments in infrastructure projects. It invests in mature (“brownfield”) assets and in new (“greenfield”) projects financed mainly in the form of public-private partnerships (PPP) or concessions. CDC Infrastructure aims to build a €1,500m portfolio by 2014, focused on 4 sectors: transport, energy, telecoms and the environment. CDC Infrastructure is already a shareholder in GRTgaz (French transmission network and subsidiary of GDZ Suez), the high-speed rail between Tours and Bordeaux (LISEA), Gassled (Norwegian gas transmission network), the motorway company Sanef and in Eurotunnel, Viaduc de Millau and Gaz de Strasbourg.
Quercus Assets Selection is a Luxembourg based management company specialized in Private Equity investments. The company was founded in 2010 by Simone Borla and Diego Biasi in partnership with Giuseppe Stefanel, the controlling shareholder of Milan listed Stefanel Group. Quercus manages different Luxembourg based SICAV-SIFs regulated by the CSSF whose core business is to invest in renewable energy projects across Europe. The Funds currently have an interest in 15 plants for 96MW of power representing a total investment of Eur 302Mn and has a pipeline of over 50MW of projects to be completed before year end. Quercus Assets Selection is part of a larger group including London based Quercus Investment Partners LLP, an FSA regulated firm offering amongst other things advisory services to Institutional clients.
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