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Greentech, Foresight team up for U.S. solar investment
March 7, 2013 / 4:01 PM / 5 years ago

Greentech, Foresight team up for U.S. solar investment

* Will target projects with up to 100 MW of capacity

* Greentech will hold 51 pct, Foresight 49 pct of JV

LONDON, March 7 (Reuters) - Danish renewable energy firm Greentech Energy Systems and asset manager Foresight Group have agreed to form a joint venture to invest in solar photovoltaic (PV) projects in the United States.

Denmark’s Greentech will take a 51 percent stake in the joint venture and UK-based Foresight will hold the remaining 49 percent, they said on Thursday.

The companies aim to invest in U.S. solar PV projects of up to 100 megawatts of installed capacity over the next 12 months.

They will assess the feasibility of each individual solar PV investment, both for projects already in operation and for projects under development, Greentech said in a statement.

Entering the United States, “one of the world’s most important and attractive renewable energy markets”, will allow Greentech to diversify outside Europe, in line with its aim to become a global independent power producer, said Greentech chairman Peter Høstgaard-Jensen.

Greentech’s portfolio of renewable energy projects includes both wind and solar projects in Europe. It is aiming to have 1 gigawatt of renewable capacity installed by 2014.

Foresight invests in the private equity, infrastructure and clean energy sectors.

It has raised around 700 million pounds ($1.05 billion) and has invested in solar projects in several countries including the United States, Brazil and Britain.

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