Channel Island-based investment vehicle Foresight Solar Fund has added another large-scale solar plant to its growing PV portfolio in the form of a 34.7 MW array located in the south of England.
The Port Farm solar plant is situated in the county of Wiltshire and is the second large acquisition Foresight has made in recent months following the JV purchase (alongside Belectric-backed Big60Million Limited) in July of 34 MW of solar assets across England.
This latest acquisition takes Foresights U.K. solar PV footprint to 322 MW cumulatively. Although the company did not disclose full details of financing, it did confirm that more than $230 million raised in a 2013 IPO was used to fund the purchase.
Foresight will repay this sum via either a long-term debt facility or additional equity issue, or perhaps both, the company confirmed.
The Port Farm solar plant was connected to the U.K. national grid in March, thus making it eligible for renewable obligation certificates (ROCs) at a rate of 1.4 ROC/MW.