Foresight fills Italian coffers
€70m first close for green bond fund to finance renewables projects
Foresight Group has raised €70m through its green bond fund to finance renewables projects in Italy.
The first close of the fund generated strong appeal from banks, insurance companies and other financial institutions including the European Investment Bank under the European Fund for Strategic Investments, Foresight said.
The money will be used to finance small and medium renewables projects, such as solar, wind, waste–to-energy, biomass and anaerobic digestion.
It will also finance energy efficiency, such as public lighting, cogeneration and district heating.
Foresight said the projects will typically have a debt capacity in the range of €5m to €15m.
The fund, which underwrites investment grade bonds listed on the Milan stock exchange, is aiming to raise a total of €200m. Second close planned for the end of the year.
The first investment in projects is expected before the end of the first quarter of 2018.
Foresight Southern Europe partner and head Federico Giannandrea said: “Several sponsors have already initiated discussions with Foresight’s experienced team to arrange project bonds, reflecting strong interest in this financing solution from developers and operators in the sector.”