Solar21 buys solar farms in Italy for €25m

Tue, Aug 28, 2012, 01:00

Irish renewable energy fund Solar21 has bought six solar-power farms in Italy for €25 million.

The renewable energy hedge fund was set up in 2010 and is managed by Clear Financial.

It currently manages €100 million on behalf of Irish investors, most of which is invested in solar farms in Germany and Italy connected to national grids.

Solar21 had been in negotiations with AEG Power Solutions to buy the solar farms in southern Italy since April. Discussions to purchase an additional 12 megawatts with a value in excess of €45 million are also at an advanced stage.

Most of Solar 21’s equity is generated from cash and pension investors, who typically invest lump-sums of €50,000 and upwards.