Tuesday, 27 January 2015
Last updated 1 hour ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…