Feb 3 (Renewables Now) - Foresight Solar Fund Ltd (LON:FSFL) has acquired the Shotwick solar farm in Flintshire, northeastern Wales, said to be the largest operational solar farm in the UK.
The solar plant has installed peak capacity of 72 MW and alternating current (AC) export capacity of 50 MW. It was connected to the grid in March last year and has been accredited to get 1.3 Renewables Obligation Certificates (ROCs) per MWh. FSFL, which invests in UK solar assets, said it has acquired the economic benefit of all project cash flows since November 30, 2016.
Following the purchase, the fund has 17 assets in its portfolio with a combined installed peak capacity of 420 MW. It said it has identified a further attractive pipeline of assets to support growth over the coming months.
A price for the deal was not announced. FSFL paid for its largest acquisition to date from the remainder of its recent equity raise and its acquisition facility. The fund plans to repay the acquisition facility through additional equity raises in 2017.
"The Shotwick acquisition is in line with the Company's strategy of focusing predominantly on large-scale solar assets while minimising cash drag risk for investors," said chairman Alex Ohlsso.