Foresight Solar has announced the acquisition of a portfolio of three operational assets totalling 34MW through a Joint Venture with Big60Million Limited.
The 15MW Atherstone and 10MW Southam assets are located in Warwickshire, and the 9MW Paddock Wood asset is located in Kent. All three assets were connected to the Grid in March 2015 and have received Renewable Obligation Certificate (“ROC”) accreditation at the rate of 1.4ROCs/MWh.
Through the Joint Venture, the Company will own majority positions in the three assets as follows:
- Atherstone: 78%
- Paddock Wood: 59%
- Southam: 70%
They are paying for the deal using the equity proceeds raised in the Company’s June 2015 placing but they have also extended their existing acquisition facility from £120m to £150m. The facility will continue to be provided equally by RBS and Santander at the terms shown below:
Facility Tenor Libor+
GBP100m 3yr 225bps
GBP50m 1yr 185bps
FSFL : Foresight Solar buys three more projects