ForVEI investment vehicle snaps up 6.9MW solar farm in Italy



Solar investment vehicle ForVEI has purchased a 6.9MW PV plant in southern Italy.

The solar farm was owned by Tirreno Power, a joint venture by GDF Suez and Energia Italia.

The Tirreno Solar plant in Campania was connected in two phases, with half connected in Decmber 2010 for a feed-in tariff rate of €0.346/kWh (US$0473/kWh) and the second half following two months later and eligible for a rate of €0.297/kWh (US$0.406/kWh).

“We are very pleased to have completed the acquisition of Tirreno Solar to enhance further ForVEI’s portfolio of Solar PV Assets,” said Federico Giannandrea, partner of Foresight Group and leader of Foresight’s Italian solar team.

“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,” he added.

ForVEI is a joint venture comprising VEI Green, CDC Infrastructure, Foresight Solar VCT, Quercus Renewable Energy and Adenium Solar Energy.

It recently announced a doubling of its commitment to the Italian solar sector to €75 million (US$102.6 million), with the target of growing its portfolio to in excess of 100MW of solar assets in 2014.

Juwi will continue as EPC and O&M contractor of the plant.

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