Italy’s ForVEI Solar Operator Acquired by ERG

December.04.2017

A team led by Carlo Montella with Cristina Martorana, Andrea Gentili, Celeste Mellone, Marcello Montresor and Simonetta Formentini assisted ForVEI, a JV between Foresight and VEI Green, in a competitive auction that identified ERG Power Generation, a subsidiary of ERG, as buyer of the entire share capital of ForVEI.

In November 2017, ERG Power Generation signed an agreement to buy the ninth largest photovoltaic operator in Italy for €336 million ($395.9 million). ForVEI owns a portfolio of 30 assets totaling 89MW, funded by €60 million leasing facilities and €180 million limited recourse refinancing completed in March 2016.

The project financing was recently re-leveraged by €30 million in light of the sale process.

The transaction – which marks ERG’s first foray into the solar market – is expected to close by late January 2018, after clearance from the Italian antitrust authority.