ForVEI, a Foresight Group LLP joint venture, bought a solar power plant in Italy and plans to double investment in the country to 75 million euros ($103 million).
ForVEI bought the 6.9-megawatt park from Tirreno Power SpA, owned by GDF Suez and Energia Italia SpA, London-based Foresight said today in a statement. The project started up in April 2011.
“Thanks to this acquisition, ForVEI now handles a portfolio of over 60 megawatts with a medium average annual return in the teens,” Federico Giannandrea, partner of Foresight Group, said in the e-mailed statement.
ForVEI plans to double investment in solar power in Italy in 2014, bringing its total assets to more than 100 megawatts, according to the venture, a partnership between the U.K. asset manager, VEI Capital, CDC Infrastructure SA, Quercus Investment Partners LLP and Adenium Energy Capital.