Foresight Solar Fund acquires UK solar project

Foresight Solar Fund Limited has announced the completion its largest acquisition to date with the purchase of a 100% interest in a 50MW alternating current export capacity operational UK solar asset, representing 72 MW of installed peak capacity.

Shotwick solar farm, located in Flintshire, is the largest operational solar asset in the UK. It was connected to the Grid in March 2016 and has received Renewables Obligation Certificate (ROC) accreditation of 1.3ROCs/MWh.

The acquisition has increased the company's portfolio to 17 assets with an installed peak capacity of 420 MW. In addition to Shotwick, Foresight has identified a further attractive pipeline of assets which will support the potential for growth of the Company over the coming months. 

The Shotwick acquisition has been funded using the remainder of the equity proceeds recently raised, and the company's existing acquisition facility. The company has acquired the economic benefit of all project cash flows since 30 November 2016. The company intends to repay the acquisition facility through additional equity raises as and when appropriate in 2017.

Commenting on the acquisition, Alex Ohlsson, Chairman of the company, said:

"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. The Company has identified further attractive pipeline assets and expects to deliver additional growth opportunities."