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Foresight Solar acquires six development-stage solar farms in Spain

23rd Mar 2023 10:43

(Alliance News) - Foresight Solar Fund Ltd said on Thursday it has secured the rights to a pipeline of development-stage solar farms in Spain, naming it "Project Lynx".

Foresight, a Jersey-based investment firm focused on solar panels and battery storage assets, said the solar farms were secured from Spanish renewable energy company Grupo Cuerva as part of a "strategic investment".

Foresight said the project consists of the rights to six solar developments located across the south and east of Spain. The solar farms have a maximum total capacity of 467 megawatts-peak.

The firm's investment manager in Madrid will oversee the projects' evolution alongside developers, said Foresight, who will continue the development under a services agreement.

Two of the sites have sought grid connections under the existing application routes and one of those, totalling 57MWp, has already secured grid access with the potential to reach ready-to-build status in 2024. The remaining projects will apply for connections over the next few years, Foresight said.

The company said full consideration for assets is "contingent on milestone achievement tied to the projects securing grid connections". Foresight said this is done to protect the company's risk adjusted returns, regardless of the total number of projects that are "eventually successful in achieving planning consent".

Chair Alexander Ohlsson said: "The investment manager has the expertise to take on these types of projects, carefully pricing risk and capturing the increased financial upside for the company. This was demonstrated when our existing 125MW Spanish solar portfolio was brought through to operations last year, resulting in approximately two pence per share of NAV uplift in 2022. This acquisition now gives Foresight Solar the opportunity to further deliver value for shareholders."

Foresight shares rose 0.4% to 110.40 pence each in London on Thursday morning.

By Sabrina Penty; Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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