Adenium Capital, a Dubai-based investment company, revealed that it had purchased a 24 megawatt solar facility in Calabria, Italy. The acquisition was made in partnership with ForVEI. ForVEI is a joint capital venture composed of VEI Capital, Foresight Solar VCT, CDC Infrastructure, Adenium Solar Energy, and Quercus Renewable Energy.

The EUR52 million or US$69 million solar farm acquisition greatly improves the capacity of Adenium Capital's solar portfolio. The Calabria solar park is one of the grandest in Italy. The park was originaly constructed by Talesun Solar Switzerland.

"We are excited about our latest acquisition, growing our ForVEI portfolio to 54MW,"  Adenium chief operations officer Jeremy Crane said. "Calabria is a very attractive asset that fits perfectly with our growth expectations for the first half of 2013. We continue to be bullish on the Italian PV market and look forward to working with our partners to increase ForVEI to more than 100MW over the course of the next 12 months."