24 June 2012

Adenium joint ventures with Foresight in a Euro125MM transaction

24 Jun 2012 - Adenium Solar Energy Company Limited has acquired a stake in a 29MW portfolio of grid-connected operational solar plants across Italy with a total enterprise value of Euro125 million. The assets will be jointly managed by Adenium and Foresight. The joint venture is anticipated to grow the portfolio in the next 12 months to a total of 100MW. Despite the current challenges in Europe, the portfolio offers an attractive investment proposition backed by long-term yielding assets with limited downside risk. 

Adenium’s Chairman, Safwan Kuzbari, stated that “following some extensive research and project screening of solar power projects, we are pleased to join forces with our partners at Foresight. This joint vehicle will allow Adenium and its investors to deploy capital in the European solar infrastructure space, offering an immediate return”. 

Bernard Fairman, Chairman of Foresight Group added: “We are delighted to be working closely with Adenium to build our portfolio of Solar assets and look forward to a long and productive partnership for the benefit of our investors.” 

Adenium Energy Capital was launched in early 2010 as an investment company, specializing in the investment and deployment of clean energy and alternative energy – related sectors. Adenium’s mandate is to build a diversified global portfolio of clean energy assets with an initial focus on the European, Middle Eastern and North American solar markets. 

Adenium Energy Capital is the fruit of a join enterprise between prominent entrepreneurs – each a leader in their respective industry – with a common passion to develop a sustainable, world-class investment company focus on the promotion of clean and renewable energy investments. 

Foresight is an independent specialist environmental, infrastructure and private equity investor, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities. 

Foresight has in excess of £650 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs). 

In the solar sector, Foresight’s solar funds have already invested in more than £310 million of operating PV assets in the UK, Italy and Spain. 

Amongst its VCT portfolio, Foresight has recently successfully closed fundraisings for Foresight Solar VCT at £38m and Foresight Solar EIS at £27.5m and has raised in excess of £30m for its unique Infrastructure VCT Shares, an innovative new share class which targets investments in energy generation projects and secondary PFI. Foresight manages the most successful VCT ever, Foresight VCT which has returned more than 1.8x original investment in dividends to its investors. 

Source: Adenium Energy Capital