Solar infrastructure investment vehicle ForVEI has completed the acquisition of the 6.9 MW Tirreno Solar power plant in the Municipality of Sessa Aurunca, Campania, Italy from Tirreno Power SpA, which is co-owned by GDF Suez and Energia Italia.
The value of the transaction was not disclosed. Tirreno received €24 million (US$32.8 million) in project financing for the project by UBI Banca, backed by the European Investment Bank (EIB) as institutional lender back in November 2010.
The 6.9MW plant started commercial operations in April 2011, although it was connected in two phases, the initial 3.95MW section in December 2010, and the second section in February 2011.
Foresight Group, which arranged the transaction, will be in charge of the management of the plant throughout its operating life, as well as for the entire ForVEI portfolio. Project developer Juwi will stay on as O&M contractor.
ForVEI is a joint venture comprising VEI Green, CDC Infrastructure, Foresight Solar VCT, Quercus Renewable Energy and Adenium Solar Energy, which has recently announced a doubling of its commitment to the Italian solar sector to €75 million (US$102.5 million), with the target of growing its portfolio to in excess of 100MW of solar assets throughout 2014.
Tirreno Power is one of the largest generators of electricity in Italy, supplying around 4% of the electricity for consumption through almost 8.6GW of generating capacity via three thermal power plants and 17 hydroelectric plants.
See here the complex Corporate Structure of ForVEI.