Foresight acquires 2 UK PV plants


The systems were acquired from project developer, Element Power Solar, for an undisclosed sum. Both of them – the four MW Puriton West project, and the two MW Summerway Drove project in Bridgewater – are fully operational and receive a pre-August 2011 feed-in tariff of 30.7 U.K. pence per kilowatt hour. Solarwatt will remain on as operations and maintenance contractor for the sites.

David Maguire, director of BNRG Renewables, which developed the two sites in cooperation with Element Power, commented, "Unlike many companies within the U.K. solar sector, we have overcome various unforeseen challenges during the last 12 months. BNRG’s partnership with Element Power Solar has left us as one of a small number of developers to successfully commission commercial-scale projects in the U.K."

With its latest acquisition, Foresight now owns 16 MW worth of photovoltaic systems in the country. Combined with its projects in Italy and Spain, the group has over £300 million worth of solar assets, accounting for more than 85 MW.

A spokesperson for the group additionally tells pv magazine that around 50 MW worth of projects were acquired last year. In 2012, they say there are more plans in the pipeline to buy up another 50 to 100 MW across the three aforementioned markets. While no set plans have yet been made, the U.S. market is also said to be of interest to the company.

Last year, Foresight launched a £30 million fundraiser in Foresight Infrastructure VCT Shares. It says that based on the funds already raised, its target is likely to be reached before the end of the year.