Foresight Group (“Foresight”), a leading renewable asset manager, has completed the construction stage financing of a further 1.7MW solar photovoltaic (“PV”) plant in the region of Marche, Italy. This is Foresight’s second agreement with key partners Juwi Energie Rinnovabili Srl, the Italian direct subsidiary of Juwi Holding AG and leading module manufacturer, Canadian Solar Inc.
Construction is scheduled for completion by the end of March 2011 in order to qualify for the favourable 2011 Italian feed-in tariff awarded to projects connected in Italy before 30 April 2011. The project is a fixed installation and debt financing was secured from UBI Banca, the fifth largest Italian banking group. The energy team from SLA (Studio Legale Asociation), member of the Osborne Clark Alliance, led by partner Riccardo Roversi and associate Piero Francesco Vigano, acted as transaction legal advisor. Pietro Zerauschek and Federico Giannandrea led the transaction from Foresight’s Rome and London offices.
Federico Giannandrea, Investment Director, comments:
“This transaction further strengthens Foresight’s relationship with first rate EPC contractor Juwi, and is the second deal in a large pipeline together. Stable legal framework conditions teamed with the professionalism of SLA has also meant that this deal was executed in a shorter than average timeframe and this transaction continues to demonstrate banks’ appetites for lending to solar projects sponsored by equity providers with an experienced track record. Solar projects still represent an excellent return on investment for investors as we continue to capitalise on the feed in tariffs incentives.”
“Construction on our first 2.6MW agreement with Juwi back in September 2010 is almost complete ahead of schedule. It is a pleasure to work with such a professional contractor and their expert Italian team.” Pietro Zerauschek, Partner at Foresight adds.
Arnold Lunger, Senior Executive at Juwi comments:
"Juwi’s industry expertise has long helped to attribute to the carbon cutting goals through the installation of solar PV systems, and we remain excited to partner with Foresight in its ongoing endeavor to provide sustainable electricity and sustainable investment returns to its shareholders.”
Foresight is the leading renewable asset manager in Europe and our teams in Rome and Madrid bring together best of breed expertise in finance and the leading edge technical equipment. We are confident that this project is the second of many with this team which has the expertise and stability required in this field.”Foresight’s European Solar Fund achieved final close in July 2009 and has investments and local teams in two major solar jurisdictions, Italy and Spain as well as in the UK. Transactions totalling more than 30MWs have been completed to date in operating and construction stage assets and Foresight currently has £157m invested in solar assets from its first solar fund. The addition of this further asset in Italy contributes to making Foresight’s five strong dedicated solar team one of the leading solar energy fund managers.
Notes to editors:
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 manages approximately £225 million across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
In the solar sector, recent Foresight investments have included a 9 MW PV Plant in the Castilla La Mancha region of Spain, and two projects in the Puglia region of Italy – a 6 MW project and a 4 MW project.
Other investments made by Foresight in the environmental infrastructure sector have included Crumb Rubber, a tyre recycling company; Vertal, a food waste recycling company; 2K Manufacturing, which will manufacture a plywood substitute from waste plastics; Closed Loop Recycling, the UK’s first recycler of waste plastic bottles back into food packaging material; O-Gen UK, which generates renewable electricity from biomass; and Land Energy, a producer of wood pellets for sustainable heating in homes and schools.
Juwi Holding AG, is an international corporation founded in 1996 active in the design, installation, financing and management of solar, wind, biogas and biomass plants. From 199, juwi Solar Gmbh is one of the global leaders in the supply of pv solar systems with more than 1.400 pv plants installed worldwide for a total of 600MW of installed capacity (of which 7 installed todate in Italia via the Italian branch juwi Energie Rinnovabili in Verona) for a total investment of 1.8 billion Euro and a total of more than 1,000 employees.