Solar21 has finalised a deal to purchase 6 photovoltaic solar farms in Italy in a deal worth €25m.

Solar21 is an Irish fund set up in 2010 which has built up a fund of over €100million from Irish investors to invest in photovoltaic solar farms across Europe.

The fund is seeking, it says, solar farms with the most attractive long term guaranteed feed-in-tariff agreements.

Negotiations with AEG Power Solutions for their PV farms began in April 2012. Following due diligence, conducted over several months, the purchase went through.

Michael Bradley CEO of Solar 21 said that the grid connected solar farms represented value for money and that the fund was keen to increase the capital available to it.

Solar 21 says that its equity is sourced from cash and pension investors, typically investing lump-sums from €50,000 upwards.