Investment firm Adenium Energy Capital has acquired a stake in a 29MW portfolio of grid-connected solar plants across Italy, with an enterprise value of €125m, with the assets to be jointly managed by private equiity firm Foresight Group.
Together, the firms will look to grow the portfolio in the next 12 months to 100MW.
The transaction was carried out by Adenium Solar Energy Company, which said despite the current challenges in Europe, the portfolio offers an attractive investment proposition.
Safwan Kuzbari, chairman of Adenium, said, “Following some extensive research and project screening of solar power projects, we are pleased to join forces with our partners at Foresight.
“This joint vehicle will allow Adenium and its investors to deploy capital in the European solar infrastructure space, offering an immediate return.”
Adenium Energy Capital was launched in early 2010 as a clean energy investor targeting the European, Middle Eastern and North American solar markets.
Bernard Fairman, chairman of Foresight Group, added, “We are delighted to be working closely with Adenium to build our portfolio of solar assets and look forward to a long and productive partnership for the benefit of our investors.”
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