Foresight and VEI Capital create investment partnership for Italian solar PV projects
27 June 2011
Foresight Group, the leading European solar photovoltaic (PV) investor, and VEI Capital, one of Italy's largest investment infrastructure players, have created a co-investment partnership to invest in solar with the aim of expanding their co-operation into other renewable assets classes. VEI is an Italian investment company managed by Palladiofinanziaria S.p.A. and dedicated to investments in private equity and infrastructure.
The first investments are a 3.34 MW plant in Emilia Romagna built by Juwi Energie Rinnovabili, for which a sale and purchase agreement was signed on 15th June 2011, and a 4.7 MW plant in Abruzzi (Italy). Both plants are connected to the national grid and are operational. Further PV investments are likely to follow in the course of 2011.
The joint-investment vehicle created by the two parties will be split 40% Foresight's funds and 60% VEI with Foresight also acting as advisor and manager of the PV assets of the partnership. Foresight's other solar funds have already invested in more than £150 million of operating PV assets in Italy and Spain. Since its inception in September 2010, VEI has already invested in a number of renewable energy projects, with sizeable investments in this asset class planned in the current year.