Adenium joint ventures with Foresight
25. June 2012 | By: Karim KuzbariAdenium joint ventures with Foresight in a 125 million euro transaction 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 125 million euro. 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."