UK private equity and sustainable energy investor Foresight Group has made its third solar power acquisition of the year with a €25m deal in the Puglia region of Italy.
With financing from West LB and mandated lead arranger Barclays, the deal backs the construction of a 6MW solar PV project by Italian contractor Ecoware.
Foresight invested in a 4MW project with Enerqos and an acquisition of a 9MW plant earlier this year, both in Spain The investments all come from the firm’s European Solar Fund, which a launched in November last year and raised €40m. It is set to kick off a second solar fund later this year, with a target of €200m.
The Italian solar market is set to overtake Spain as the destination of choice for renewable energy investors. Whilst attractive feed-in tariffs put Spain at the top of the list for solar investment, the government’s decision to reduce the feed-in tariff by 35% has encouraged firms to look to Italy for deals to take advantage of the 20 year conto energia solar feed in tariff.