Foresight buys UK’s largest operating solar plant

Foresight Solar Fund, managed by Kent-based investment group Foresight, has completed the acquisition of the 32.2-megawatt (MW) Wymeswold solar power plant, the largest operating solar power plant in the UK, for £43.7 million (€51.7 million; $69.5 million).

The plant, located on 78 hectares previously used as an airfield during World War II, receives renewable obligation certificates (ROC) of 2.0 per megawatt-hours and was connected to the grid in March.

“Completing the acquisition of the Wymeswold solar power plant […] means that 30 percent of the IPO proceeds are now generating cashflow for the company,” Foresight senior investment manager Ricardo Pineiro said.

The price of the transaction does not include cash and accrued revenues of £1.3 million, the firm said.

Foresight launched the Jersey domiciled, London-listed vehicle in late October, raising £150 million, below its initial £200 million target, in order to buy solar farms in the UK.

Founded in 1984, Foresight Investment Group began investing in technology. Since then, the firm has broadened its fund management activities to include private equity, infrastructure and the environment in the UK, US and Italy. It has £1 billion in assets under management.