- The first CSP technology bond project with Fresnel mirrors that converts solar radiation into thermal energy
- Sponsored by Archimede S.r.l. Engineering Company ("Archimede"), the bond, which received green certification, is fully subscribed by the Fund and listed on the ExtraMOT PRO segment of the Italian Stock Exchange
- An innovative hybrid technology that makes it possible to produce energy after dark
- A senior secured project bond with a 6.07% coupon and a duration of 23 years
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Foresight Group LLP (“Foresight”) announces the €5.3 million arrangement and subscription of a project bond issued by Sole Sole S.r.l for the construction of a 1MW Concentrated Solar Power (“CSP”) hybrid plant, on behalf of the Foresight Italian Green Bond Fund (“the Fund”).
The innovative project, located in Sicily, utilises Fresnel mirror technology combined with a thermal energy storage system which will enable the plant to continue to generate clean electricity even when there is no sunlight.
The project is sponsored by Archimede S.r.l, an experienced engineering and development company that specialise in innovative projects across Europe and will provide renewable electricity to approximately 1,000 homes.
The project has secured a 25-year Feed-in-Tariff subsidy and has an offtake agreement with GSE for 100% of the electricity produced covering the full duration of the bond.
The Bond is senior secured, with a 6.07% coupon, and will be fully amortising with semi-annual interest and capital repayments after 23 years.
CSP Sicilia is listed on the ExtraMOT PRO, the Italian Stock Exchange’s segment dedicated to green bonds, offering institutional investors the possibility of identifying those that adhere to the Climate Bonds Initiative and are compliant with the ICMA's Green Bonds Principles.
Diomidis Dorkofikis, Director of Foresight, commented: “This is the third transaction of our Fund and we are happy to be financing an alternative and innovative technology. The projects Foresight invest in offer tangible solutions and create real value both in terms of energy production and job creation. We will continue to deploy the Fund to bridge the long-term financing gap and we already have additional projects in the pipeline.”
Gianluca Tumminelli, President of the Board of Directors of Archimede, added: “We are extremely satisfied of our collaboration with Foresight which has allowed us to accede to the virtuous financial instruments of Green Bonds. This CSP project represents an innovative technology that rewards our local professionalisms and will be beneficial to the inhabitants of our Sicilian Province.”
Carlo Montella and Raul Ricozzi, Partners at Orrick, added: “We were pleased to play a part in this transaction where the innovative technology demanded the best of our collective legal, administrative and financial expertise.”
Advisers on the deal included:
Finance: Archimede S.r.l
Technical: Duff & Phelps
For more information please contact:
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Notes for editors
About Foresight Group LLP (“Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has £2.9 billion of Assets Under Management across a number of institutional and UK retail funds.
Foresight is a leading renewables infrastructure investor with over £2 billion of energy infrastructure assets under management. Foresight currently manages more than 140 renewable generation assets globally, with a total generating capacity of 1.6GW.
In Solar, Foresight has invested in over 100 solar plants and has more than 1.1GW of solar generation assets under management around the world.
In Wind, Foresight has more than 165MW of wind generation assets across the UK and Germany.
In Bioenergy, Foresight manages 32 waste projects with 115MW baseload generating capacity, processing over 1.8 million tonnes of waste per annum, having mobilised some £1bn of capital investment. The projects when fully operational will divert some 800,000 tonnes of waste from landfill every year, saving more than c.600,000 tonnes of CO2 emission every year.
In addition, Foresight manages 160MW of Reserve Power assets and two utility scale Battery Storage projects providing 45MW of Enhanced Frequency Response (“EFR”) services to National Grid.
Foresight is headquartered in London with regional offices in Manchester, Nottingham, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.