Foresight has announced its intention to finance the completed solar photovoltaic roof installations developed by Our Generation – the energy services company set up in conjunction with Mark Group in 2009. Foresight, which has agreed on a £50M program spread over the next 12 months, will fund the investment from Foresight Solar VCT, which has already raised £20 million from individuals, and from the Foresight Solar EIS, its fourth dedicated solar fund which launched this month.
Ricardo Pineiro, Investment Manager with Foresight Group said, “For anyone who doubts the opportunity in UK solar PV, this deal demonstrates how quickly the momentum is building. We have had to launch the new Foresight Solar EIS fund just to cope with the demand for funding. If the opportunity develops as we expect, we will have close to £300 million of solar assets in twelve months time.
“We chose to work with Our Generation because quality is absolutely critical. The portfolio we build together will reflect the level of quality demanded by the biggest utility companies. And that in turn will help us deliver attractive returns without exposing our investors to high risks.”
Our Generation Director, Ian Goodwin said, “Our philosophy is to partner with market leaders, such as Foresight, to develop winning propositions. We have attracted a high level of interest in our business model to date and know that Foresight will have a key part to play as we extend our offering to a wider customer base in the future.”
