Foresight boosts solar fund team

The environmental asset manager is adding an investment director to its new Rome office as it nears completion of fundraising for its planned €50m European Solar Fund.

UK-based Foresight Group, a specialist in environmental infrastructure investments, has appointed Giovanni Terranova as an investment director in the firm’s recently opened Rome office, which is focusing on completing fundraising for the €50 million European Solar Fund.

Terranova will be primarily responsible for identifying and executing transactions for the fund, which will invest in solar photovoltaic opportunities in Greece and Italy before expanding to other southern European markets in the future. It had already raised €40 million of its targeted goal by late November, and has secured agreements with five Italian construction companies for investments.

Terranova had previously been an associate director in the global energy and utilities team at Fortis Bank, Milan, where he worked on conventional and renewable energy projects including in the solar and wind sectors. Prior to that he worked for KPMG in its London office and for PricewaterhouseCoopers.

Foresight Group manages over €250 million across a number of funds, and intends to raise an additional solar fund of €100 million this year in conjunction with an unnamed Middle Eastern bank. It focuses mainly on investments in unquoted UK and European companies and offers investors access to a number of proprietary investment products.

Some recent investments by the firm have included the UK’s Closed Loop Recycling, which turns plastic bottles into food packaging material, and Silvigen, a producer and supplier of biomass fuels for the power industry.