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(Alliance News) - Foresight Solar Fund Ltd on Monday said it has acquired a 98.5 megawatt portfolio of three subsidy-free greenfield solar assets in Spain.
The Jersey-based fund, which is focused on ground-based solar photovoltaic assets in the UK and internationally, said it expects the total transaction costs once construction is completed to be EUR72 million, which includes EUR15 million for development rights. Construction is due to begin in summer 2021, with operations aiming to commence in June 2022.
Foresight Solar said the acquisition of the development rights has been funded using its revolving credit facilities. Following this acquisition, the company's portfolio will comprise 58 assets in the UK, Australia and Spain, with an installed capacity of 994 MW once fully operational.
Chair Alex Ohlsson said: "This acquisition builds on the company's recent first investment in Spain and represents a meaningful step forward for the company's international diversification and its increased presence in the subsidy-free solar market. The ability of the investment manager to secure such an attractive investment opportunity for Foresight Solar once again demonstrates the benefit of its significant regional presence across Europe."
Foresight Solar bought its first European asset, the 26.1 megawatts Virgen del Carmen asset in Huelva, Spain, in September 2020. The asset will benefit from a long-term power purchase agreement entered with Shell Energy Europe Ltd, a subsidiary of Royal Dutch Shell PLC, for the sale of electricity under a fixed price until 2030.
Shares in Foresight Solar were largely flat at 102.52 pence each in London on Monday morning.
By Zoe Wickens; zoewickens@alliancenews.com
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