Friday, March 8, 2013

Greentech signs majority JV agreement with Foresight Group

DENMARK: Greentech Energy Systems signed the term sheet of a JV agreement with Foresight Group (51 percent Greentech – 49 percent Foresight) with the target of investing in solar PV projects in the United States of America up to a first round lot of 100 MW of total installed capacity.

Foresight is a leading, independent, alternative asset manager, investing in private equity, infrastructure and environmental sectors. Based in the UK Foresight manages approximately GBP 700 million raised from international and institutional investors, private and high net-worth individuals, family offices and pension funds.

Foresight is an experienced solar industry investor and operator with capacity under management in the USA, Canada-Ontario, Brazil, Southern Europe, UK, Middle East and North Africa and Co-operation
Council for the Arab States of the Gulf.

Greentech and Foresight will explore and assess together the feasibility of each individual solar PV investment, both for projects already in operation and for projects under development.

Peter Høstgaard-Jensen, chairman of Greentech, comments: “This is a great opportunity for Greentech future as an Independent Power Producer to enter the USA solar PV market through a JV with a so important financial investor as Foresight.

"By entering the USA, which is one of the world most important and attractive renewable energy markets, Greentech will diversify out of Europe, which is in line with the strategy of the company becoming a global Independent Power Producer. The two companies together will create a solid and relevant US solar investment platform."

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