20th Apr 2018 11:26
LONDON (Alliance News) - Foresight Solar Fund Ltd said on Friday it has acquired a portfolio of five UK solar parks with a total installed capacity of 53.3 megawatts for GBP36.6 million.
The acquisition portfolio assets includes 20.7MW Verood in Dorset, 13.2MW Park Farm in Leicestershire, 9.8MW Coombeshaead in Devon, 6.6MW Sawmills in Devon and 3.0 megawatts Yarwall in Somerset. The portfolio also includes a 0.5 megawatts onshore wind asset commissioned at the end of 2014.
The acquisition was funded through Foresight's existing revolving debt facilities provided by Santander Global Corporate Banking.
Following the acquisition, the fund's portfolio now consists of 27 solar assets with a net installed capacity of 674 MW, which includes three Australian assets currently under construction.
"This acquisition further demonstrates the Investment Manager's ability to identify and secure quality investments at attractive valuations. This acquisition will further improve the asset diversification and size of our UK portfolio and we also expect it to enhance the Company's dividend cover," said Chairman Alex Ohlsson.
Shares in Foresight Solar Fund were down 0.9% at 104.51 pence on Friday.
Related Shares:
Foresight Solar Fund