Infranity, the global infrastructure business of Generali Investments, has acquired 13 photovoltaic plants in Spain and Portugal from a Foresight fund.

Infranity said it has also agreed to extend the scope of the 58MW portfolio with a further 6 fully operating plants in Spain to increase the total attributable capacity to 78MW. Financial details were undisclosed.

Infranity is mainly focused on debt but has also started to offer infrastructure equity solutions. The latest deal marks Infranity’s first equity investment in Iberia.

Alban de La Selle, a managing partner of Infranity, said: “We are proud to support the growth of a renewable energy platform with an attractive risk-return profile for our investors. This transaction further underpins Infranity’s commitment to invest in sustainable energy infrastructure supporting the energy transition.

“This transaction also takes place at a time Infranity has implemented significant steps to increase its equity business with a number of new hires.”

Carlos Rey Micolau, managing director and head of Iberia of Foresight, said: “We are delighted to announce our first divestment in Iberia. We have been able to deliver attractive returns to our investors and prove Foresight´s proposition in the energy & infrastructure markets.”

To read the latest edition of the latest IPE Real Assets magazine click here.