The plant is expected to be connected later this year and will be eligible for the 1.4 ROC rate. Following the acquisition, the company will own and manage three of the UK's largest solar power plants.
In total the company now manages an operational portfolio of 100MW of UK solar assets and has binding contracts in place to acquire a further 85MW.
On May 23rd we published that Foresight Solar Fund Limited (FSFL) signed a £100 million debt acquisition facility to fund additional operational solar power plant acquisitions. The providers of the facility are Royal Bank of Canada (RBC), Royal Bank of Scotland (RBS) and Banco Santander.
FSFL is a Jersey-registered closed-end investment company. The company invests in ground based UK solar power assets to achieve its objective of providing Shareholders with a sustainable and increasing dividend with the potential for capital growth over the long-term.
The company raised proceeds of £150 million through an initial public offering (IPO) of shares on the main market of the London Stock Exchange in October 2013.
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1 billion of assets under management. As one of the UK's leading solar infrastructure investment teams Foresight funds currently manage over £650 million in 27 separate operating Photovoltaic plants in the UK, the USA, Italy and Spain.