Foresight Solar puts 170MW solar PV portfolio in Australia up for sale

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The sale of its Australian portfolio will enable the group to refocus its efforts on the UK and European markets. Image: Foresight Solar Fund

UK-based investment group Foresight Solar Fund has confirmed that it will sell its Australia portfolio, consisting of 170MW of operational solar PV and 122MW of battery energy storage systems (BESS).

Last week (18 September), the group confirmed that its Board had initiated the second phase of the divestment programme with the commencement of the sale process of the Australian portfolio.

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Closing is expected in the first half of 2025, with the current intention being for proceeds to be predominantly used to pay down debt further.

Foresight Solar’s Australian portfolio had suffered due to poor weather conditions throughout the past year. This has led the group’s net asset value (NAV) to drop to £656.8 million (US$878.21 million), lower than the previously recorded £697.9 million at the end of 2023, as reported by our sister site Solar Power Portal.

The closing will also enable the company to refocus on the UK and European markets. The company has strong presence in Europe, and recently unveiled a 400MW framework agreement with Chelion Iberia to develop early-stage BESS projects in Spain.

Spain has been a region of focus for Foresight due to factors including strong irradiation. Last year (23 March), Foresight Solar secured a pipeline of 467MW development-stage solar PV projects in the Iberian Peninsula via deals with renewable energy company Grupo Cuerva and an undisclosed Spanish developer.

Foresight Solar’s Australia portfolio is spread across four projects, three in Queensland and one in Victoria. Of these, the 110MW Bannerton solar PV project in Victoria is the largest but due to Foresight’s 48.5% ownership, the project contributes 53MW to its portfolio.

The rest of the portfolio consists of Oakey 1, Oakey 2, and Oakey 3, which have a generation capacity of 30MW, 70MW and 17MW respectively.

Alexander Ohlsson, chair of Foresight Solar, believes the sale of the Australian portfolio will be a “key milestone” for the company.

“Progress has also been made with the second phase of the divestment programme following the 50% stake sale in the Lorca portfolio last November. The sale of our Australian portfolio will be a key milestone and, once complete, will re-focus our efforts on the UK and Europe, where we have an exciting pipeline of opportunities fitting with our capital allocation priorities,” Ohlsson said.

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