Renewable Energy Fund Buys Italian Solar Farms

Aug 30 2012 | 3:44am ET

An Irish renewable-energy hedge fund has taken a quarter of its capital to buy solar-power farms in sunnier climes.

Clear Financial's Solar21 Renewable Energy Ireland fund paid €25 million for the southern Italian farms, buying them from AEG Power Solutions. The new acquisitions join a portfolio of other solar farms, primarily in Germany and Italy.

Solar21 and AEG have been working on the deal since April. The hedge fund is also in advanced talks about buying another 12 megawatts valued at more than €45 million.

"When you contrast this stable investment environment with the current equity market volatility which has proven to be all risk and little return over the past 10 years, it's not difficult to see why so many people are drawn to the renewable energy concept," Solar21 CO Michael Bradley said.

Solar21 has €100 million in assets and targets 8.5% annual returns.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...