Foresight Solar Fund has entered into a binding contract to buy the UK-based 46MWp Landmead solar farm.
Following completion of the acquisition, Foresight Solar Fund will own and manage four of the UK’s largest solar farms.
Landmead is situated in East Hanney, Oxfordshire, and is claimed to be the largest solar farm in the UK till date.
The facility is currently being constructed and is expected to be linked to the grid later this month.
Foresight said it will not take the construction risk for the project as part of its low risk strategy.
The deal will take the company’s total committed assets to 231MWp. Of this, 185MWp is already operational.
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By GlobalDataRecently, Foresight raised £60m of gross proceeds through Initial Placing and Offer. The proceeds will be used together with existing debt facilities to complete the acquisitions of 37.3MWp Kencot, 37.2MWp Bournemouth and Landmead.
The current acquisition facility will be repaid through a combination of the utilisation of extra new equity issuance in early 2015 or by refinancing through a long-term debt facility.
Foresight Solar Fund invests in ground based UK solar power assets in order to provide shareholders with a sustainable and increasing dividend.
It currently manages over £930m in 34 separate operating photovoltaic facilities in the UK, the US and southern Europe.
