Deals

Foresight closes €25m solar financing deal

The alternative asset manager has secured €25m in project financing for a solar project in Puglia, Italy. WestLB and Barclays acted as mandated lead arrangers on the transaction, which represents Foresight’s third deal in the sector so far this year.

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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
financing agreed

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 6-megawatt project means Foresight has financed a total of 19-megawatts of solar projects so far this year. Earlier this year the group closed a 4-negawatt scheme in partnership with Enerqos, in addition to acquiring a 9-megawatt 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 more than €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.