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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Ex-Hedge Fund Billionaire Won’t Run For Senate

Jan 23 2015 | 5:48am ET

Ex-hedge fund manager Tom Steyer will not run for Senate after Sen. Barbara Boxer...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note