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 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.