Foresight Solar Fund has concluded its first PV acquisition outside of the U.K. with the purchase of a 48.5% stake in the Bannerton solar farm project in Victoria, Australia.
Operating as Foresight Solar Australia (UK), the investment fund concluded the deal under its joint venture (JV) with Syncline Energy Pty Ltd for a sum of AU$5.5 million consisting of an initial payment and deferred additional payments over the course of the farm’s construction.
Other investors involved in the project include Hanwha Energy Corp Singapore and KDB Infrastructure Asset Management.
“This first overseas acquisition represents the development of the company's international growth strategy, which sees the company's portfolio now reach a total of 528 MW of capacity installed or under construction,” said Foresight Solar Fund chairman Alex Ohlsson.
“This demonstrates the company's ability to grow the fund in attractive new geographies with expected attractive risk-adjusted returns, while leveraging the investment manager's experience and track record in both the U.K. and Australia. This acquisition follows the investment manager's move to establish an office in Sydney in early 2016 prior to bringing its first Australian asset under management, Barcaldine solar farm, in early 2017.”
The 110 MW solar farm is scheduled to be connected to the grid by July 2018, and the financial consideration of Foresight Solar Australia may increase subject to the generating revenue of the solar plant.
Once completed, the Bannerton solar farm will sell its solar electricity to Alinta Energy under a 17-year fixed power purchase agreement (PPA). The installation is also eligible for the Victorian Government’s Large-Scale Generation Certificates (LGCs) credit scheme.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.