Dubai firm buys stake in Italian solar plants
Manama, June 27, 2012
Dubai-based Adenium Solar Energy Company has acquired a stake in a 29 megawatt (MW) portfolio of grid-connected operational solar plants across Italy with a total enterprise value of 125 million euros ($156 million).
Adenium, which was founded in Bahrain in 2010, has acquired the stake in a portfolio of operational solar plants across Italy whose assets will be jointly managed by Adenium and Foresight.
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.
'This asset-back investment is a yielding asset to our investors and we are very pleased to be working with an experienced partner, Foresight Group,' said Adenium managing director Dr Raed Sarhan, who was the chief investment officer of Seera Investment Bank in Bahrain before moving to Adenium at its launch.
'We have been mandated for another 10MW solar power plant in Jordan and we hope to close that transaction soon,' he added.
Through Dr Sarhan, Adenium has strong ties to Bahrain financial institutions.
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.
'Following some extensive research and project screening of solar power projects, we are pleased to join forces with our partners at Foresight,' said Adenium chairman Safwan Kuzbari.
'This joint vehicle will allow Adenium and its investors to deploy capital in the European solar infrastructure space, offering an immediate return.
'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,' added Foresight chairman Bernard Fairman.
Adenium Energy Capital was launched as an investment company, specialising in the investment and deployment of clean energy and alternative energy related sectors.
This is its first major investment.
Foresight has in excess of GBP650m ($1 billion) assets under management across a number of funds. In the solar sector, Foresight's solar funds have already invested in the UK, Italy and Spain. – TradeArabia News Service