Foresight acquires UK solar plant for GBP43.7 million

November 11
10:42 PM 2013

Foresight Solar Fund closed the acquisition of Wymeswold Solar Plant in the UK for GBP43.7 million. This was according to a report published by reNews.

Foresight financed the purchase of the 32.3MW solar plant from initial public offering (IPO) funds raised in October. The purchase amount did not include cash and accrued revenues of GBP1.3 million, the report said.

Ricardo Pineiro, senior investment manager of Foresight, said of the deal: "Completing the acquisition of the Wymeswold solar power plant, the biggest operational plant in the UK, means that 30% of the IPO proceeds are now generating cashflow for the company."

Pineiro also said the purchase of the said solar plant would be expected to an increase Foresight's yield and capital growth, the report stated.

The Wymeswold power plant is located on an old WWII airfield in Leicestershire. The 78-hectare farm received an ROC accreditation with a rate of 2.0 ROCs/MW, reNews reported.

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