Foresight Solar Fund Limited (FSFL) has announced that it has acquired a 100% interest in a 49.6 MW operational UK solar asset, Sandridge solar farm, located in Wiltshire (Sandridge). The acquisition is its second largest to date and its second acquisition of 2017.
Accredited for 1.3ROCs
Sandridge was connected to the National Grid in March 2016 and has received Renewables Obligation Certificate accreditation of 1.3ROCs/MWh. FSFL has acquired the economic benefit of all project cash flows since 1 January 2017. Following the acquisition, FSFL’s portfolio now totals 18 assets with an installed peak capacity of approximately 470 MW, representing an average capacity of 26 MW per asset.
Funded from new RCF
The acquisition of Sandridge has been primarily funded via a new £55m revolving credit facility, announced 23 February 2017, provided by Santander Global Corporate Banking at a rate of LIBOR + 2% for three years. FSFL says that it intends to repay this credit facility through equity issuance in 2017. The facility will provide additional financial flexibility for future growth opportunities, with the Company having identified a further pipeline of operational solar assets with a combined installed capacity of approximately 100 MW.
Foresight Solar Fund acquires Sandridge solar farm, Wiltshire : FSFL