Foresight Group (“Foresight”), a leading alternative asset manager, has completed the construction stage financing of a further 2.6MW solar photovoltaic (“PV”) plant in the region of Marche, Italy.
This transaction cements Foresight’s relationship with another top tier EPC contractor, juwi Energie Rinnovabili S.r.l., the Italian direct subsidiary of juwi Holding AG. It also brings a relationship with the leading thin film module manufacturer, First Solar Inc., demonstrating Foresight’s strategy of using bankable contractors and equipment providers in the projects it finances. Construction is underway with connection to take place before the end of the year in order to qualify for the higher 20 year feed-in tariff awarded to projects connected in Italy before 31 December 2010. The project is a fixed installation and debt financing was secured from a division of the Intesa Sanpaolo Group. Pietro Zerauschek and Federico Giannandrea led the transaction from Foresight’s Rome and London offices.
Jamie Richards, who manages Foresight’s solar funds, comments:
“This transaction continues to demonstrate banks’ appetite for lending to solar projects sponsored by equity providers with a relevant track record. Our PV specialist local teams in Rome and Madrid are now also applying their experience to the UK PV market where Foresight is currently finalising project funding packages.”
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. Transactions totalling more than 30MWs have been completed to date in operating and construction stage assets. 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.