Construction News

26/03/2013

Dublin Firm Buys Solar Energy Farm

Solar 21, a Dublin-based investment firm, has paid €13m to buy its latest Italian solar energy farm, according to the Independent.

The deal to buy the 3.5MW farm in Lazio, in the west of the country, brings to seven the number of solar projects the Irish company now owns in Italy. In November, it completed the purchase of six Italian solar farms valued at €25m that were owned by AEG Power Solutions. The latest solar farm is known as Borgo Montello and was bought from Berlin-based Kokusai Europe, a unit of Japan's Kokusai Kogyo Group.

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Solar 21 was established in 2010 by Achill Island native Michael Bradley as an alternative investment vehicle for well-heeled businesspeople. He's also a director of financial advisory firm Clear Financial.

Solar 21 plans to invest in €1bn worth of assets and has aimed to raise a maximum of €100m in equity. It is hoping to benefit from efforts by European nations to encourage renewable energy development with premium prices under long-term contracts.

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