Foresight Group sets its sights on 700MW UK pipeline through JV with Island Green Power

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: Foresight Group.

UK solar company Foresight Group is targeting a 700MW pipeline of projects thanks to a joint venture (JV) with developer Island Green Power.

Together they will develop five subsidy-free projects, located throughout England and Wales.

Peter Bolton, director, Foresight, said that as a “highly experienced renewable energy investor” it is well positioned for the anticipated second phase of growth in the country’s solar market.

“Opportunities for asset optimisation and a continual reduction in capital costs will make unsubsidised solar investment increasingly attractive. Island GP has a strong track record of solar development and continues to develop a high-quality pipeline of new sites.

“The joint venture’s five projects will help increase the UK’s proportion of generating capacity from renewable energy sources, as is required by the government’s net zero targets.”

In September, Foresight announced another JV, with Elgin Energy for 200MW of UK solar. This will see them target the development of six projects located in England, Wales and Scotland.

Foresight has also recently made its maiden move in the Spanish market, thanks to a €20 million deal to acquire a 26.1MW solar project that has a PPA with Shell Energy Europe.

Island Green Power has been developing solar projects for 11 years, expanding beyond the UK to the Irish, Australian and Spanish markets.

Ian Lawrie, the company’s director, said the firm has now developed in excess of 1GW of solar, and is “delighted” to have formed the JV with Foresight to “accelerate our development efforts in the UK”.

“Foresight is a leading investor in renewables infrastructure and we look forward to growing their solar portfolio as the energy revolution continues. We had several suitors wanting to enter into a similar joint venture with us and we are delighted that Foresight came through in the most efficient manner and with the best deal for Island Green Power.”

Read Next

November 9, 2021
A flurry of plans submitted for solar projects in excess of 100MW+ is fuelling a boom of activity in the UK utility-scale solar market.
August 24, 2021
Solar and storage developer Elgin Energy has closed a deal with Berenberg that will see the German bank finance the development of 1.36GWp of its PV portfolio.
July 6, 2021
A round-up of the latest solar financing news, featuring Repsol’s move into the US renewables market, Aquila’s latest acquisition in Portugal and VivoPower taking full control of its US PV development portfolio.
May 14, 2021
Renewable energy company and Solar Module Super League (SMSL) member Canadian Solar has invested in UK-based battery storage software company Habitat Energy.
April 23, 2021
Despite dozens of net-zero targets being announced and deployment of renewable energy ramping up globally over the past year, just 10% of countries have shown “steady and consistent” progress in their energy transition plans, according to a new report from the World Economic Forum (WEF).
April 1, 2021
As the solar industry has matured and sustainable investment has moved up on the global market’s list of priorities, power purchase agreements (PPAs) have become a mutually beneficial arrangement between developers and the corporate world. But SMEs have remained difficult to cater for in comparison to larger, more bankable offtakers or utilities with permanent facilities. Edith Hancock explores how this might be changing.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

Cyber Monday Flash Sale – 50% off our subscriptions

24 hours only