Origis Energy has sold a 41MW ground-mounted solar PV portfolio to ForVEI II, a joint venture (JV) between VEI Green and Foresight Group (Foresight).
The 41MW portfolio comprises 34 ground-mounted solar PV projects located in Italy totalling c.37MW and one ground-mounted solar plant of 4MW in Slovakia. The solar plants have been fully operational since 2010-2011 and are remunerated under a long-term Feed in Tariff (FiT) scheme awarded by the GSE.
Financial details relating to the transaction have not been disclosed.
“We are excited to have found a long-term partner for our European assets,” says Guy Vanderhaegen, CEO & President of Origis, “We thank ForVEI II and Greentech for their close collaboration.”
Federico Giannandrea, Partner & Head of Southern Europe, Foresight says: “We are delighted to have acquired this operational 41MW FiT portfolio from Origis, the first significant acquisition for ForVEI II, which launched last year. We have a strong pipeline of projects for the Fund and significant interest from other investors.”
ForVEI II is the second vintage of the investment platform JV between Foresight and VEI Green, launched in June 2018. The Fund is a multi-shareholder vehicle comprising at first close commitments from Foresight and VEI Green, NWS Holdings Limited, the Hong Kong listed specialist infrastructure investor, and Family Office FinCarl. The Fund specialises in acquiring renewable energy infrastructure assets in Europe, with Foresight acting both as arranger and Asset Manager to the platform.
Enrico Orsenigo, Managing Director of VEI Green II, says: “With ForVEI II, we aim to emulate the successful track record of ForVEI, which delivered a total return in excess of 15% + to investors over 7 years. Working once again with Foresight and our new co-investors, we are building an attractive portfolio of renewable infrastructure assets to generate the kind of uncorrelated predictable returns that institutional investors find compelling.”
Origis Energy was advised by Greentech Capital Advisors on the transaction.
