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Foresight Solar acquires five UK solar assets – Foresight Solar Fund (FSFL) has acquired a 100% interest in a portfolio of five operational solar parks located in the UK (and a 0.5MW onshore wind asset) with a total installed capacity of 53.3 MW. The company has purchased the economic benefit of all project cash flows from 1 January 2018.
The purchase price was £36.6m (incl. transaction costs). The purchase was funded through existing rolling credit facility. The new portfolio includes cash of c. £4.2m and benefits from a long-term, fully amortising debt facility. The balance outstanding at the date of acquisition is £31.8 million. The debt facility has a remaining tenure of 16 years and includes an inflation-linked and a fixed-rate tranche, representing 85% and 15%, respectively, of the total facility amount.
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Verwood (Dorset, 20.7MW), commissioned in May 2015 and received Renewables Obligation Certificate (“ROC”) accreditation of 1.4ROCs/MWh; |
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Park Farm (Leicestershire, 13.2MW), commissioned in July 2015 and received ROC accreditation of 1.4ROCs/MWh; |
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Coombeshead (Devon, 9.8MW), commissioned in August 2015 and received ROC accreditation of 1.4ROCs/MWh; |
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Sawmills (Devon, 6.6MW), commissioned in September 2015 and received ROC accreditation of 1.4ROCs/MWh; and |
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Yardwall (Somerset, 3.0MW), commissioned in September 2015 and received Feed-in-Tariff (“FiT”) accreditation. |
The 0.5MW onshore wind asset will be held temporarily until it can be sold.
In the same announcement, the company announced that the fourth Australian asset, Longreach, delivered its initial electricity export to the grid on schedule in March 2018. Please click here to read more about Foresight Solar’s Australian portfolio
FSFL : Foresight Solar acquires five UK solar assets
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