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Foresight Solar Fund closes buy of 80.9-MW UK portfolio

UK solar park. Author: Robert Pittman. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

November 29 (Renewables Now) - Foresight Solar Fund Ltd (LON:FSFL) said today it has closed the acquisition of an 80.9-MW solar portfolio in the UK from funds managed by Foresight Group LLP.

The fund paid GBP 33.1 million (USD 42.3m/EUR 37m) for 11 operational solar parks, using proceeds from a recent GBP-58-million equity issue. More details about the acquired assets are available in the table below.

Name Location Capacity Operational since ROC accreditation
Bull's Head Milton Keynes 5.3 MW October 2014 1.4 ROCs/MWh
Bilsthorpe Nottinghamshire 5.7 MW November 2014 1.4 ROCs/MWh
Roskrow Cornwall 8.9 MW March 2015 1.4 ROCs/MWh
Nowhere Lincolnshire 8.1 MW March 2015 1.4 ROCs/MWh
Ash Farm Shropshire 8.4 MW March 2015 1.4 ROCs/MWh
Pen & Cae Carmarthenshire 6.8 MW March 2015 1.4 ROCs/MWh
PS Manor Farm Bedfordshire 14.2 MW October 2015 1.3 ROCs/MWh
Playters Suffolk 8.6 MW October 2015 1.3 ROCs/MWh
Lindridge Leicestershire 4.9 MW March 2016 1.3 ROCs/MWh
Abbey Fields Kent 4.9 MW March 2016 1.3 ROCs/MWh
Mission South Yorkshire 5.0 MW March 2016 1.3 ROCs/MWh

All of these plants are accredited under the Renewables Obligation (RO) scheme and receive an average of 1.35 Renewable Obligation Certificates (ROCs) per MWh. They bring Foresight Solar’s total installed capacity up to 869 MW across 54 solar assets.

"Whilst we do not expect our high volume of activity in the UK secondary market to continue at the same rate in 2019, as previously noted, we are pleased to complete another NAV-accretive acquisition that demonstrates our ability to secure attractive opportunities,” commented chairman Alex Ohlsson.

(GBP 1.0 = USD 1.278/EUR 1.123)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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