Foresight Solar continues Spanish run with new subsidy-free PV purchase

Image: Foresight Group.

UK investment company Foresight Solar Fund has continued its overseas expansion with the acquisition of three subsidy-free solar assets in Andalucía, Spain.

Transaction costs for the 98.5MW portfolio are expected to be €72 million once construction is completed and include the acquisition of development rights for approximately €15 million.

Construction of the assets is slated to start this summer, with operations targeted to begin in June 2022. Foresight said it anticipates that a long-term power purchase agreement (PPA) will shortly be signed with a European energy supplier.

The deal comes after Foresight Solar made its debut in continental Europe with the acquisition of a 26.1MW solar project in Spain last September. Also in Andalucía, the unsubsidised facility is backed by a PPA with Shell Energy Europe, the power utility subsidiary of Royal Dutch Shell.

Foresight Solar Fund said it has been able to leverage the regional knowledge of its investment manager, Foresight Group, which will be managing a portfolio of more than 200MW of subsidy-free renewable assets in Spain through its offices in Madrid.

Alex Ohlsson, chairman at Foresight Solar Fund, said the latest purchase represents “a meaningful step forward for the company’s international diversification and its increased presence in the subsidy-free solar market”.

Following completion of the deal, Foresight Solar’s portfolio of 58 solar assets will have a capacity of 994MW, with 723MW of that in the UK, 146MW in Australia and the remainder in Spain.

Foresight Group recently announced the formation of a joint venture that will develop five solar PV plants in England and Wales, with a total generating capacity of close to 700MW. The company said opportunities for asset optimisation and a reduction in capital costs will make unsubsidised solar investment increasingly attractive.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Read Next

June 18, 2024
Soltec has published its financial results for the first quarter of 2024, which include revenues of €121 million (US$130 million).
May 29, 2024
Spanish inverter manufacturer Ingeteam will supply its products to a 250MW solar PV project from fellow Spanish solar project developer Grenergy.
May 28, 2024
BayWa r.e. has commissioned its first agriPV project in Spain, and has signed a power purchase agreement (PPA) with the Velux Group.
May 24, 2024
Solar project developer Recurrent Energy has secured a €674 million (US$730 million) revolving credit facility to expand its European solar and battery energy storage system (BESS) portfolio.
May 20, 2024
Avintia Energía plans to build an 850MW portfolio of greenfield solar projects with Italian oil giant Eni's subsidiary Plenitude in Spain.
April 25, 2024
German utility RWE has commissioned a 92MW solar PV park in Spain, bringing its global operational solar capacity to 4.2GW.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia