CDC Infrastructure backs European renewable investment vehicle ForVEI

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France-based CDC Infrastructure is set to take a 24 per cent stake in European joint venture investment vehicle ForVEI, for €9m.

The current ForVEI portfolio includes 30MW of solar assets and is targeting a further 100MW of photovoltaic (PV) projects in Italy.

The transaction is now subject to approval from the European Commission, with completion expected next month.

Should the deal go through, VEI Capital will remain the majority stakeholder with 52 per cent, while CDC and Luxco 2 will hold the remainder equally.

UK-based renewable energy investor Foresight Group advises the vehicle, as well as acting as lead arranger and asset manager.

Last month, ForVEI participated in the acquisition of an 8MW Italian PV plant from Solaria, in a deal worth €35.1m.

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