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Foresight achieves EUR-70m 1st close for Italian green bond fund

Wind farm in Italy. Source: ERG SpA (www.erg.eu).

January 22 (Renewables Now) - London-based infrastructure and private equity investment manager Foresight Group LLP today announced the first close of its Italian green bond fund at EUR 70 million (USD 85.7m).

The Foresight Italian Green Bond Fund is the first infrastructure debt fund raised by the company and also the maiden dedicated infrastructure project bond fund in Italy. It has attracted banks, insurance companies and family offices, including the European Investment Bank (EIB).

The fund, which targets a final close of EUR 200 million, expects its second close by the end of the year. It is seen completing its first investment by the end of this quarter. Possible targets include solar, wind, waste-to-energy (WtE), biomass and anaerobic digestion (AD) as well as energy efficiency projects. Foresight noted that such schemes typically have a debt capacity in the range of EUR 5 million to EUR 15 million.

“Several Sponsors have already initiated discussions with Foresight’s experienced team to arrange project bonds, reflecting strong interest in this financing solution from developers and operators in the sector,” commented Federico Giannandrea, Partner and Head of Foresight Southern Europe.

(EUR 1.0 = USD 1.225)

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