London asset manager Foresight Group and Italian investor VEI Green have secured up to EUR 90m in capital for their second renewables investment platform since its launch last year, Inframation sister title SparkSpread has learnt.
Foresight and VEI Green, which is majority owned by Palladio Holding, have together committed around 30% of this capital in the ForVEI II platform themselves.
The joint venture partners are also understood to have secured additional equity commitments from a pair of Italian and Asian investors, a source said.
The platform is expected to close fundraising once it reaches EUR 120m of commitments, the source added.
ForVEI II is the second fund of ForVEI, a joint venture vehicle that originally comprised Foresight, VEI Green, CDC Infrastructure, Quercus and Adenium Solar Energy to acquire PV plants in Italy.
The ForVEI vehicle consolidated 30 PV plants with a net capacity of 90MW, which Foresight and VEI Green subsequently sold to ERG for EUR 336m in January 2018.
Foresight and VEI Green have yet to disclose the first investments made through the ForVEI II platform.
The platform had planned to buy between 100-150MW of brownfield renewable energy capacity in Italy, Inframation reported in April 2018.
Foresight and VEI Green declined to comment.