Foresight Group advised on the transaction and acted as originator, structurer, arranger and manager.
ForVEI is a joint venture comprising VEI Capital, Foresight Solar VCT and Quercus Renewable Energy, which is backed by primary investors including Assicurazioni Generali SpA (G), Intesa Sanpaolo, Palladio Finanziaria SpA, Veneto Banca SpA and Banca Popolare di Vicenza Scrl.
The acquisition was supported by a lease back financing of €33 million ($45 million) which has increased the entire ForVei/OPDE PVplants value to over €88 million ($120 million).
This acquisition follows the acquisition of the initial three OPDE PV plants for €55 million in September.
Together they represent the largest lease financing of PV plants arranged by a single bank in Italy. Two Intesa Sanpaolo (ISP) Group leasing companies own the PV plants for 18 years with ForVei paying a monthly rental fee. The two projects are expected to yield an annual equity return of 13 percent.
"We are very satisfied at completing the acquisition of the entireOPDE PV plants portfolio,” said Pietro Zerauschek, Foresight Group Managing Partner Italy and leader of the Italian solar team.
“Thanks to this operation, ForVei now handles a portfolio of over 28MW with a medium average annual return of 13%. The completion of the acquisition demonstrates that there is still interest for lenders in quality projects sponsored by high level investors, despite continuing pressure on markets,” Zerauschek said.
This year Italy has been one of the most effective markets in the world in solar energy with an additional 6.5 GW of PV Plants connected to the grid according to the Italian Power Controller. This is three times the amount of PV energy connected in Germany over the same period. Italy now has a total of 10 GW installed PV power.
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