With these grid-connected farms, the Dublin-based fund said it could deliver its pension and regular investors annual returns of 8.5%.
Solar 21 chief executive Michael Bradley told Bloomberg that, "When you contrast this stable investment environment with the current equity market volatility which has proven to be all risk and little return over the past 10 years, it’s not difficult to see why so many people are drawn to the renewable energy investment concept."
European nations promote and support solar and wind projects, which operate under long-term contracts and offer steady returns.
Solar 21 has raised over €100m from Irish investors, most of which is invested in German and Italian solar farms that are connected to national grids.
In addition, the Irish firm is in talks to buy another 12MW worth at least €45m.
