Foresight Solar Fund completes acquisition of three assets

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Foresight Solar Fund completes acquisition of three assets

Foresight Solar Fund Limited (FSFL) has completed the acquisition of a portfolio of three solar operational assets in UK totaling 34 MW through a Joint Venture (JV) with Big60Million Limited.

The 15 MW Atherstone and 10 MW Southam assets are located in Warwickshire, and the 9 MW Paddock Wood asset is located in Kent.

All three assets were connected to the Grid in March 2015 and have received Renewable Obligation Certificate (ROC) accreditation at the rate of 1.4ROCs/MWh.

Through the JV, the company will own majority positions in the three assets as follows:

  • Atherstone: 78%
  • Paddock Wood: 59%
  • Southam: 70%

The acquisition of the portfolio has been funded using equity proceeds raised in FSFL's June 2015 placing.

In addition, FSFL has announced the extension of its existing acquisition facility from £120 million (US$187.4 million) to £150 million (US$234.3 million). The facility will continue to be provided equally by RBS and Santander.

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