Source: BuisnessGreen

Foresight Solar Fund is set to purchase the UK’s largest solar farm, currently under construction in Oxfordshire.

The company announced this week it has a binding agreement to acquire the 46MP Landmead solar farm, in East Hanney, from Belectric UK. The project is expected to be connected to the grid later this month in time to secure subsidies of 1.4 Renewable Obligation Certificates (ROCs) per megawatt hour.

FURTHER READING

The deal ensures Foresight will own and manage four of the UK’s largest solar farms. With IPO funding of £60m and existing debt facilities enabling it to complete already announced acquisitions of the 37MW Kencot solar farm and a 37MW project near Bournemouth, the Landmead purchase takes the company’s operational portfolio from 185MW to 231MW.

“Following acquisition, FSFL will own and operate four of the largest solar power plants in the UK, with an enterprise value in excess of £300m, supporting the original objectives of the company and doubling the size of the company within 15 months of IPO,” said Ricardo Piñeiro, director of Foresight Solar Fund.

The news comes as Solarcentury announced it has secured planning permission for a 20MW solar farm near Sudbury, Derbyshire, which it expects to generate enough electricity to power 5,500 homes.

Read more @ BuisnessGreen