Foresight to acquire 46-MW solar farm in England

Dec 8, 2014 - UK investor Foresight Solar Fund Ltd (LON:FSFL) said on Monday it has signed a binding deal to buy the 46-MWp Landmead solar park that is currently being built in Oxfordshire.

The Landmead plant in East Hanney is presently the largest solar park in the UK, Foresight Solar said. The project’s grid-connection is scheduled for later this month, which means that the solar farm will qualify for 1.4 Renewable Obligation Certificates (ROCs) per MWh.

In October, Foresight Solar raised GBP 60.1 million (USD 93.6m/EUR 76.3m) gross from an initial placing and offer for subscription. The company said it will use the proceeds plus existing debt facilities to bankroll the pending acquisitions of the Landmead plant, the 37.2-MWp Bournemouth solar park in Dorset and the 37.3-MWp Kencot solar plant in Oxfordshire. The firm did not mention the value of the latest deal.

Overall, Foresight Solar currently manages a 185-MWp portfolio of operational solar power stations in the UK. The latest purchase will raise the total to 231 MWp.

(GBP 1.0 = USD 1.557/EUR 1.269)

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