Solar 21 Renewable Energy Ireland, a Dublin-based fund, has purchased six Italian solar parks from AEG Power Solutions BV for €25 million.

The grid-connected farms in southern Italy will help Solar 21 deliver its pension and regular investors annual returns of 8.5 percent, according to a company statement.

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Pension funds are seeking alternative assets after a decline in interest rates reduced yields on bonds amid equity- market volatility. Solar and wind projects, promoted by European nations and supported by subsidies, operate under long-term contracts offering steady returns.

(CD/GK)