PV yield-co investor, Foresight Solar Fund, has revealed that it will use equity raised from its recent equity issue to acquire a 37MW solar farm in Kencot. The acquisition will be funded with the Foresight’s existing £100 million acquisition facility.
Since floating on the London Stock Exchange in October 2013, the Foresight Solar Fund has built up a portfolio of 10 UK projects with a 231MW capacity, and which include four of the country’s six largest plants. Its latest acquisitions, in December 2014, were Belectric’s 46MW Landmead plant in Oxfordshire and the 37MW Bournemouth project.
All 10 Foresight assets have been connected to the grid in time to claim 1.4ROCs before the 31 March 2015 deadline for over 5MW projects.
Commenting on the results, Alexander Ohlsson, chairman of Foresight Solar Fund Limited said: “The board and Foresight Group CI Limited, the investment manager, believe that strong progress has been made in establishing the company’s position on the UK listed market as a leading dedicated solar renewable infrastructure company. This position is expected to strengthen further once the exchanged contract to acquire the Kencot plant completes. This continued growth in scale gives us confidence in achieving the original objectives of the company.”
Last year Foresight predicted that the UK would see “large pipelines” of sub-5MW projects being developed in the UK following the removal of RO support and the restrictive structure of the contract for difference (CfD) scheme.