Foresight closes €25m solar financing deal

The alternative asset manager has secured €25m in project financing for a solar project in Puglia, Italy. WestLB and Barclays acted as mandated lead arrangers on the transaction, which represents Foresight’s third deal in the sector so far this year.

Alternative asset manager Foresight Group has reached financial close on its project to develop solar power facilities in the Puglia region of Italy.

Puglia: solar project
financing agreed

The €25 million project financing was provided by modelling and agent bank WestLB and account bank Barclays. Both banks acted as mandated lead arrangers on the transaction.

Financial close of the 6-megawatt project means Foresight has financed a total of 19-megawatts of solar projects so far this year. Earlier this year the group closed a 4-negawatt scheme in partnership with Enerqos, in addition to acquiring a 9-megawatt operating plant in Spain from Banco Santander in May.

The financing was geared at around 80 percent.

The project, which will receive a 20-year Italian conto energia feed-in tariff, will be constructed by Italian clean energy contractor Ecoware.

Foresight has so far raised more than €40 million for its first European solar fund, which was launched in November last year. A second solar infrastructure fund, with a target of €200 million, is expected to come to market later this year.