Foresight plans share issue ahead of 72MW solar deal


Foresight Solar Fund is eyeing a £30m acquisition of 10 solar PV farms totalling 72MW.

The fund said the sites all receive renewables obligation subsidies at an average of 1.35 Rocs/MWh.

It seeks authority to issue shares on a non pre-emptive basis and said the target portfolio of PV farms has debt facilities in place totalling £62m. The debt expires next year and the fund said it intended to refinance the portfolio by June 2019.

Should the acquisition complete, it will take the fund’s PV portfolio to 820MW across 53 sites.

Meanwhile the Foresight Group yesterday completed the acquisition of a 14.4MW wind farm in Norfolk.

The company said it is “monitoring a large pipeline of both domestic and international wind opportunities for future deployment over the next 6 – 12 months”.

The North Pickenham wind farm is the six wind farm is has acquired in the last 12 months.

The company also has two battery storage units providing enhanced frequency response (EFR) services to National Grid, totalling 45MW.

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