KENT, UK: Foresight Group (Foresight), the alternative asset manager, is pleased to announce the acquisition of two ground based PV Solar plants amounting to 6 MW from Element Power.
The two sites, located in Puriton (4MW) and Bridgewater (2MW), are both fully operational generating electricity at pre August 2011 Feed-in Tariff (FiT) rates and the acquisition brings Foresight’s portfolio of ground mounted PV Solar assets in the UK to 16MW. Following the acquisition, Solarwatt will continue as Operations and Maintenance (O&M) contractor for both sites.
Foresight is one of Europe’s leading managers of operational ground mounted solar assets with more than £300m of solar assets under management accounting for more than 85MW across the UK, Italy and Spain.
Ricardo Pineiro, Investment manager at Foresight, said: “We are delighted to have strengthened our UK portfolio with this latest acquisition which achieves economies of scale across our UK and European portfolio. Having raised more than £65m for the Foresight Solar VCT and Foresight Solar EIS in the past 15 months we will continue to add quality ground based PV assets to our portfolio.”
Foresight Group last year launched a £30 million fundraise in Foresight Infrastructure VCT Shares, a new share class offering similar risk and return characteristics to the Solar VCT through a diversified portfolio of assets targeting secondary PFI, onsite power and energy efficiency projects. Based on funds raised to date, the £30 million target is likely to be reached before the end of this current tax year. Foresight’s recently launched inheritance tax fund, Foresight ITS, is also targeting ground based UK solar PV and secondary PFI assets.