Foresight and Juwi finance second solar PV plant together
Foresight Group, a leading renewable asset manager, has completed the construction stage financing of a further 2 MW solar photovoltaic ("PV”) plant in the region of Marche, Italy. This is Foresight’s second deal with key partners juwi Energie Rinnovabili Srl, the Italian direct subsidiary of juwi Holding AG and leading module manufacturer, Canadian Solar Inc.
Construction is scheduled for completion by the end of March 2011 in order to qualify for the favourable 2011 Italian feed-in tariff awarded to projects connected in Italy before 30 April 2011. The project is a fixed installation and debt financing was secured from UBI Banca, the fifth largest Italian banking group. The energy team from SLA (Studio Legale Associato), member of the Osborne Clark Alliance, led by partner Riccardo Roversi and associate Piero Francesco Viganó, acted as transaction legal advisor. Pietro Zerauschek and Federico Giannandrea led the transaction from Foresight’s Rome and London offices.
Federico Giannandrea, Investment Director, comments:
"This transaction further strengthens Foresight’s relationship with top tier EPC contractor juwi, and is the second deal in a large pipeline together.. Italian Solar PV projects still represent an excellent return on investment for investors under the current feed in tariffs regime.”
"Construction on our first 3 MW plant with juwi started back in September 2010 and is almost complete well ahead of schedule. It is a pleasure to work with such a professional contractor and their expert Italian team.” Pietro Zerauschek, Partner and Technical Director at Foresight adds.
Gabriele Solinas, head of Project Financing at juwi comments:
"juwi’s industry expertise has long helped to attribute to the carbon cutting goals through the installation of solar PV systems, and we remain excited to partner with Foresight in its ongoing endeavor to provide sustainable electricity and sustainable investment returns to its shareholders. We live by our convictions of a full supply with renewable energies: it is possible, profitable and reliable. We believe that action, not words, is necessary to save our environment and to reach the 100% renewable energy target”.
Foresight is a leading renewable asset manager in Europe and we are confident that this project is the second of many with this team which has the expertise and stability required in this field.”Foresight’s European Solar Fund achieved final close in July 2009 and has investments and local teams in three major solar jurisdictions, Italy Spain and the UK. Transactions totalling more than 30MWs have been completed to date in operating and construction stage assets and Foresight currently has more than £150m invested in solar assets from its first solar fund. The addition of this further asset in Italy contributes to making Foresight’s five strong dedicated solar team one of the leading solar energy fund managers.