Alternative asset manager Foresight Group has reached financial close on its project to develop solar power facilities in the Puglia region of Italy.
Puglia: solar project
The €25 million project financing was provided by modelling and agent bank WestLB and account bank Barclays. Both banks acted as mandated lead arrangers on the transaction. Financial close of the 6MW project means Foresight has financed a total of 19MW of solar projects so far this year. Earlier this year the group closed a 4MW scheme in partnership with Enerqos, in addition to acquiring a 9MW operating plant in Spain from Banco Santander in May.
The financing was geared at around 80 percent.
The project, which will receive a 20-year Italian conto energia feed-in tariff, will be constructed by Italian clean energy contractor Ecoware.
Foresight has so far raised over €40 million for its first European solar fund, which was launched in November last year. A second solar infrastructure fund, with a target of €200 million, is expected to come to market later this year.