ForVEI, the multishareholder solar infrastructure vehicle, has completed the acquisition of the 6.9MW Tirreno Solar S.r.l. plant located in the Municipality of Sessa Aurunca (Campania) from Tirreno Power S.p.A..
• ForVEI’s portfolio of Italian solar assets grows to more than 60MW of projects;
• ForVEI partners announce a doubling of commitment to Italian Solar to €75m
Foresight Group, acted as arranger of the transaction and will be in charge of the management of the asset throughout its operating life, as well as for the entire ForVEI portfolio.
The plant started commercial operations in April 2011, although it was connected in two phases, the initial 3.95MW section in December 2010, qualifying for the Secondo Conto Energia FiT of 0.346€/kWh and the second section in February 2011, under the Terzo Conto Energia FiT of 0.297 €/kWh, giving a weighted average FiT for the Plant of 0.3249 €/kWh.
Project financing of circa €24 million was provided by UBI Banca, backed by the European Investment Bank (EIB) as institutional lender back in November 2010. Juwi will continue as EPC and O&M contractor of the plant.
This acquisition follows ForVEI’s acquisition from Talesun of the 24MW Calabria Solar plant, one of the ten largest solar plants in Italy, completed in June 2013.
Tirreno Power, co-owned by GDF Suez and Energia Italia, is one of the largest generators of electricity in Italy, supplying around 4% of the electricity for consumption through almost 8.6GW of generating capacity (2012 Annual Report) via three thermal power plants and 17 hydroelectric plants.
ForVEI is a joint venture comprising VEI Green, CDC Infrastructure, Foresight Solar VCT, Quercus Renewable Energy and Adenium Solar Energy, which has recently announced a doubling of its commitment to the Italian solar sector to €75 million, with the target of growing its portfolio to in excess of 100MW of solar assets throughout 2014.
Federico Giannandrea, partner of Foresight Group and leader of Foresight’s Italian solar team declared: "We are very pleased to have completed the acquisition of Tirreno Solar to enhance further ForVEI’s portfolio of Solar PV Assets. Thanks to this acquisition, ForVEI now handles a portfolio of over 60MW with a medium average annual return in the teens. The successful completion of the acquisition shows continuing appetite for lenders in quality projects sponsored by high level investors.”
Enrico Orsenigo, Managing Director of VEI Green declared: "The successful partnership in ForVEI proves the alignment of interests of the investors group that fuelled the recent decision of doubling the commitment to the joint venture for 2014. This development is a validation of the strategy that led VEI Capital to launch VEI Green.”
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Quercus Assets Selection:
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Notes to editors
About Foresight Group
Foresight Group is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for almost 30 years. Foresight has diversified activities and today manages institutional funds in Infrastructure, Environmental and UK small cap Private Equity.
Foresight has £1 billion assets under management spread across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
Foresight’s solar funds have invested in more than £650 million of operating PV assets in the UK, USA, Italy and Spain. In May 2013 Foresight executed an innovative refinancing of its UK solar assets through the issue of an index-linked Solar Bond, the largest in the UK to date at £60m, listed on the London Stock Exchange, which saw an immediate increase in target returns for investors of 15%. In October 2013 Foresight successfully listed the £150m Foresight Solar Fund Limited (ticker FSFL) on the main market of the London Stock Exchange, attracting backing from more than 65 institutional investors.
Foresight has offices in Sevenoaks & Nottingham, UK; San Francisco, CA, USA and Rome, Italy.
About VEI Green
VEI Green is a fully dedicated vehicle, created by its sole shareholder VEI Capital in August 2011 with an initial capital allocation in excess of €100m, with the aim of grouping the activities of the group in the renewables sector. VEI Green, alongside the joint venture activity in ForVEI, holds direct majority interest in operating production facilities for a total installed capacity of additional 60 MW split between PV and Wind sectors.
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.
About CDC Infrastructure
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 targets a €1,500m portfolio by 2014, focused on 4 sectors: transport, energy, telecoms and the environment. Its participations include Butendiek (a 288 MW offshore wind farm located in the North Sea, Germany), the Marseille L2 bypass under a PPP scheme, GRT Gaz (the main French gas transportation network and subsidiary of GDF Suez), Lisea (the high-speed rail between Tours and Bordeaux), Gassled (the formal owner of the Norwegian gas transport infrastructure), the motorway company Sanef, Eurotunnel, Viaduc de Millau and Gaz de Strasbourg.
About Quercus Assets Selection Sàrl
Quercus Assets Selection is a Luxembourg-based management company which specialises in infrastructure investments. 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 around 20 plants representing a total investment of approximately € 350Mn. Quercus Assets Selection is part of a larger group including London-based Quercus Investment Partners LLP, an FCA regulated firm offering amongst other things advisory services to institutional clients.
Adenium Energy Capital is a Dubai based investment company, specializing in the investment and deployment of clean energy. Adenium's has developed a global portfolio of clean energy assets In Italy, Japan, Middle East and North America.
Adenium Energy Capital is the fruit of a joint venture between prominent entrepreneurs – each a leader in their respective industry – with a common passion to develop a sustainable, world-class investment company focus on the promotion of clean and renewable energy investments.