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Foresight Italian Green Bond Fund lists a €5.3 million project bond for a greenfield concentrated solar power hybrid plant, CSP Sicilia

2019.05.22     From: foresightgroup

  • The first CSP technology bond project with Fresnel mirrors that converts solar radiation into thermal energy

  • Sponsored by Archimede S.r.l. Engineering Company ("Archimede"), the bond, which received green certification, is fully subscribed by the Fund and listed on the ExtraMOT PRO segment of the Italian Stock Exchange

  • An innovative hybrid technology that makes it possible to produce energy after dark

  • A senior secured project bond with a 6.07% coupon and a duration of 23 years


Foresight Group LLP (“Foresight”) announces the €5.3 million arrangement and subscription of a project bond issued by Sole Sole S.r.l for the construction of a 1MW Concentrated Solar Power (“CSP”) hybrid plant, on behalf of the Foresight Italian Green Bond Fund (“the Fund”).


The innovative project, located in Sicily, utilises Fresnel mirror technology combined with a thermal energy storage system which will enable the plant to continue to generate clean electricity even when there is no sunlight.


The project is sponsored by Archimede S.r.l, an experienced engineering and development company that specialise in innovative projects across Europe and will provide renewable electricity to approximately 1,000 homes.


The project has secured a 25-year Feed-in-Tariff subsidy and has an offtake agreement with GSE for 100% of the electricity produced covering the full duration of the bond.


The Bond is senior secured, with a 6.07% coupon, and will be fully amortising with semi-annual interest and capital repayments after 23 years.


CSP Sicilia is listed on the ExtraMOT PRO, the Italian Stock Exchange’s segment dedicated to green bonds, offering institutional investors the possibility of identifying those that adhere to the Climate Bonds Initiative and are compliant with the ICMA's Green Bonds Principles. Diomidis Dorkofikis, Director of Foresight, commented: “This is the third transaction of our Fund and we are happy to be financing an alternative and innovative technology. The projects Foresight invest in offer tangible solutions and create real value both in terms of energy production and job creation. We will continue to deploy the Fund to bridge the long-term financing gap and we already have additional projects in the pipeline.”


Gianluca Tumminelli, President of the Board of Directors of Archimede, added: “We are extremely satisfied of our collaboration with Foresight which has allowed us to accede to the virtuous financial instruments of Green Bonds. This CSP project represents an innovative technology that rewards our local professionalisms and will be beneficial to the inhabitants of our Sicilian Province.”


Carlo Montella and Raul Ricozzi, Partners at Orrick, added: “We were pleased to play a part in this transaction where the innovative technology demanded the best of our collective legal, administrative and financial expertise.”


Advisers on the deal included:


Legal: Orrick


Finance: Archimede S.r.l


Technical: Duff & Phelps


Upcoming CSP events:


4th Annual CSP Focus MENA 2019(Jun.26-27, Dubai)

3rd CSP Focus Innovation 2019(Oct.24-25, China)


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