November 20, 2019
Miami/Florida and Milan/Rome, 20 November 2019: Origis Energy today announced the sale of a 41MW ground-mounted solar PV portfolio to ForVEI II, the Joint Venture (“JV”) between VEI Green and Foresight Group LLP (“Foresight”).
The 41MW portfolio comprises 34 ground-mounted solar PV projects located in Italy totalling c.37MW and one ground-mounted solar plant of 4MW in Slovakia. The solar plants have been fully operational since 2010 – 2011 and are remunerated under a long-term Feed in Tariff (“FiT”) scheme awarded by the GSE.
The financial details relating to the transaction remain undisclosed.
“We are excited to have found a long-term partner for our European assets.” said Guy Vanderhaegen, CEO & President of Origis, “We thank ForVEI II and Greentech for their close collaboration.”
Commenting on this significant transaction for the Fund Federico Giannandrea, Partner & Head of Southern Europe, Foresight said: “We are delighted to have acquired this operational 41MW FiT portfolio from Origis, the first significant acquisition for ForVEI II, which launched last year. We have a strong pipeline of projects for the Fund and significant interest from other investors.”
ForVEI II is the second vintage of the investment platform JV between Foresight and VEI Green, launched in June 2018. The Fund is a multi-shareholder vehicle comprising at first close commitments from Foresight and VEI Green, NWS Holdings Limited, the Hong Kong listed specialist infrastructure investor, and Family Office FinCarl. The Fund specialises in acquiring renewable energy infrastructure assets in Europe, with Foresight acting both as arranger and Asset Manager to the platform.
Enrico Orsenigo, Managing Director of VEI Green II declared: “With ForVEI II, we aim to emulate the successful track record of ForVEI, which delivered a total return in excess of 15% + to investors over 7 years. Working once again with Foresight and our new co-investors, we are building an attractive portfolio of renewable infrastructure assets to generate the kind of uncorrelated predictable returns that institutional investors find compelling.”
Origis Energy was advised by Greentech Capital Advisors on the transaction.
For Further Information, Please Contact
Origis Energy
Alexander Landt +1 (352) 812-1212 | Alexander.Landt@origisservices.com
Foresight Group
Ben Thompson +44 (0)20 3667 8155 | bthompson@foresightgroup.eu
Federico Giannandrea +39 06 455 06734 | fgiannandrea@foresightgroup.eu
VEI Green
Noris Morano +39 (02) 76004736 | norismorano@studionorismorano.com
Enrico Orsenigo + 39 02 7273 0700 | e.orsenigo@veicapital.com
Notes to Editors
About Origis Energy
Origis Energy is Powering the Solar Revolution with custom clean energy solutions for utility, commercial and public sector clients. The Origis team has worked to ensure the interests of all stakeholders are upheld in more than 100 projects worldwide totaling over 1.6 gigawatts to date of developed solar and energy storage capacity. Headquartered in Miami, FL, Origis Energy delivers excellence in solar and energy storage development, financing, engineering, procurement and construction (EPC) and operations, maintenance and asset management for investors and clean energy consumers in the US and abroad. More information at www.OrigisEnergy.com.
About Foresight Group LLP (“Foresight”)
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has €4.5 billion of Assets Under Management across a number of institutional and UK retail funds.
Foresight is a leading renewables infrastructure investor with over €2.4 billion of energy infrastructure assets under management. Foresight has made 200 clean energy investments globally, and manages a portfolio with a total generating capacity of 1.9GW.
In Solar, Foresight has invested in over 100 solar plants and has more than 1.3GW of solar generation assets under management around the world.
In Wind, Foresight has more than 330MW of wind generation assets across the UK and Ireland.
In Bioenergy, Foresight manages 40 waste projects with 85MW baseload generating capacity, processing over 1.9 million tonnes of waste per annum, having mobilised some £1.2bn of capital investment into the sector.
In addition, Foresight manages 160MW of Reserve Power assets and two utility scale Battery Storage projects providing 45MW of Enhanced Frequency Response (“EFR”) services to National Grid.
Foresight is headquartered in London with international offices in Rome, Madrid, Seoul and Sydney.
About VEI Green
VEI Green is the investment vehicle controlled by PFH S.p.A. and operating in the italian renewable sector. Today it owns, directly and indirectly through ForVEI and WIISPA, an installed power capacity in excess of 200 MW (110 MW in photovoltaic and 90 MW in wind power).
VEI Green combines financial resources with professional skills, proposing a sustainable growth model from an environmental and financial perspective.
