ForVEI has completed the acquisition of a 6.9 megawatt (MW) solar plant in Sessa Aurunca, southern Italy.
The solar-focused vehicle will buy the asset from Tirreno Power, co-owned by utilities GDF Suez and Energia Italia and one of the largest power producers in the country. Tirreno supplies around 4 percent of Italy’s electricity for consumption via three thermal power stations and 17 hydroelectric plants.
ForVEI is a joint venture comprising VEI Green, CDC Infrastructure, Foresight Solar, Quercus Renewable Energy and Adenium Solar Energy. The vehicle recently announced a doubling of its commitment to Italian solar to €75 million, with the target of growing its portfolio to more than 100MW of solar assets throughout 2014.
This week’s deal brings ForVEI’s portfolio to more than 60MW of projects. Foresight Group, which acted as arranger of the transaction, will be in charge of managing the asset throughout its operating life.
Project financing of around €24 million was provided by UBI Banca, backed by the European Investment Bank (EIB) as institutional lender back in November 2010. Juwi will remain in charge of the construction, operation and maintenance of the project.
The acquisition follows ForVEI’s purchase from Talesun of the 24MW Calabria Solar plant, one of the 10 largest solar plants in Italy, last June.