CDC Infra gets 24% stake in solar venture

The French fund manager has invested €9m in ForVEI, previously a joint venture between VEI Capital and Luxco 2 targeting solar investments in Italy.

ForVEI, a multi-shareholder vehicle targeting solar investments across Italy, has just got a new shareholder: CDC Infrastructure, the infrastructure fund of French state-backed bank Caisse des Depots et Consignations.

CDC Infrastructure invested €9 million to acquire a 24 percent stake in the solar investment platform. ForVEI’s other two shareholders include VEI Capital – a €500 million-plus Italian investment company backed by Italian institutional investors that focuses on private equity, infrastructure and energy –  with 52 percent of the platform; and Luxco 2 – itself a multi-shareholder vehicle backed by the likes of Quercus Renewable Energy, Adenium and Foresight Group – which owns the remaining 24 percent.

The transaction is expected to complete in August, ForVEI’s shareholders announced in a statement, following the necessary regulatory approvals.

ForVEI currently manages a portfolio of solar assets with a total installed capacity of 30 megawatts. The platform is advised by the Foresight Group, a UK-based independent alternative asset manager, which also acts as arranger and asset manager. 

With total equity committed now standing at €37 million, ForVEI is aiming to manage 100 megawatts of solar assets across Italy.