€13 million Italian ‘solar park’ purchase signed in Achill

A €13 million deal to purchase an Italian solar park by a company run by Achill brothers was signed recently in Áras Forbairt Acla on Achill Island.

Achill brothers Michael and Andrew Bradley of Solar 21, a renewable energy fund successfully finalised a deal to purchase an Italian solar park for about €13 million as investors seek to benefit from European support for the technology.

The deal was signed at the island’s development company headquarters dedicated to the late Steve Mulloy, who moved from Achill to live in Cleveland, Ohio. Steve’s son, TJ Mulloy, is a financial adviser, employed by the group, while another financial adviser Seán Molloy, is its representative in the West of Ireland.

The purchase of the 3.5-megawatt Borgo Montello venture from Berlin-based Kokusai Europe GmbH, a unit of Japan’s Kokusai Kogyo Group, will contribute to the fund’s planned 8.5 percent annual return for pension and regular investors, the company said in a statement.

Solar 21, planning to invest in €1 billion of assets, is seeking to benefit from efforts by European nations to spur renewable energy with premium prices under long-term contracts. Pension funds are looking for alternative assets, as yields on bonds have fallen amid economic weakness. Solar 21 bought six Italian solar parks from AEG Power Solutions BV in August in a deal worth over €25 million.

Michael Bradley, CEO of Solar 21 spoke of the importance of the recent deal. “The acquisition of these grid connected solar farms from AEG Power Solutions in Italy represents excellent value for our investors. The fund continues to achieve above average returns for our clients. We are delighted to add these farms in Italy to our existing portfolio and look forward to expanding the size of the fund with continued investment from new clients who are coming to understand the huge benefits that such a secure investment offers,” he said.

Mr Bradley added, “We are in negotiations to buy another 12 megawatts, worth in excess of €45 million. Renewable energy investments based on these 20-year sovereign guaranteed contracts produce healthy and stable returns for those looking for secure environment for pension and cash investments.”

Solar 21’s headquarters in Dublin manages and develops solar farms and installations using photovoltaic (PV) technology and is active in Germany and Italy.

Source: Mayo News