U.K. investor the Foresight Solar Fund today announced the acquisition of a portfolio of operational PV projects, following a placement of new shares in June which raised around £48.1 million.
The British solar energy developer will purchase its first PV asset outside of the U.K. in the deal, which is being conducted as part of a joint venture with Syncline Energy Pty Ltd.
The Foresight Solar Fund, an investment group with a 470 MW portfolio of solar projects in the UK, published financial reports for the first half of 2016 this week. Reporting after tax profits of GBP 11.5 million ($15 million) for the period up to 30th June, the group also announced plans to expand and acquire projects in new markets outside of the UK.
The UK based investment group has announced its intention to raise further investments worth more than GBP 50 million (US$ 61.2 million), with the aim of acquiring up to 250 MW of solar power plants in the UK, as well as expanding into South Africa.
The solar asset manager expects to double its operational capacity in the U.K. in the next twelve months to some 200 MW. It’s latest acquisition includes the 37 MW Kencot, Oxfordshire, PV farm.
The Foresight Solar Fund would finance eight U.K. ground mount plants with the profits from a planned London IPO. A partner for the fund says solar offers a more attractive investment in the UK than wind.
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