Dubai-based Adenium Capital buys 24MW Italian solar farm

Dubai-based investment company Adenium Capital has purchased a 24MW solar farm in Italy.

The €52 million (US$69 million) acquisition, in partnership with ForVEI, almost doubles the capacity of its solar portfolio.

The Calabria solar park is one of the ten largest in Italy and was originally built by Talesun Solar Switzerland.

“We are excited about our latest acquisition, growing our ForVEI portfolio to 54MW,” said Jeremy Crane, COO, Adenium.

“Calabria is a very attractive asset that fits perfectly with our growth expectations for the first half of 2013. We continue to be bullish on the Italian PV market and look forward to working with our partners to increase ForVEI to more than 100MW over the course of the next 12 months.”

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

Federico Giannandrea, a partner of the Foresight Group which acted as the lead advisor on the deal, said ForVEI’s returns on its solar investments were “in the teens”.