Foresight shines with £47m solar farms acquisition
Foresight Solar Fund Limited has acquired a portfolio of solar farms across the UK in an eight-figure deal.
The firm, part of investment manager Foresight Group, paid £47m for 15 operational solar assets with a total installed capacity of 114 MW.
Foresight Solar will fund the transaction with the proceeds from an oversubscribed share placing, completed in July, that generated £48.1m.
The acquired portfolio includes Trehawke in Cornwall, Tengore Lane in Somerset, Marsh Farm in Wiltshire and Sheepbridge in Reading.
It consists of 15 of the 18 assets Foresight Solar announced in June. The remaining three are under exclusivity and will be subject to further due diligence before they can be acquired.
Foresight Solar’s total installed capacity, following today’s (August 6) deal, stands at 788MW across 43 solar sites.
Alex Ohlsson, chairman of the firm, said: “This is both a strategic and a significant acquisition for the company, which sees us become the largest UK-listed dedicated solar energy investment company by installed capacity.
“The acquisition will be NAV-accretive and will further underpin our sustainable, long-term dividend policy. We are pleased to be delivering against our focused acquisition strategy and in accordance with the expected timetable.”