Tuesday, December 3, 2013
The deal excludes cash and accrued revenues of £1.3m, according to a statement from Foresight.
The Wymeswold solar farm is located on a disused world war II airfield of about 78 hectares, located in Leicestershire.
Grid connected since March 2013, the operating plant receives renewable obligation certificates (ROC) of 2.0.
The capital required to purchase the assets, along with others, will be financed by Foresight Solar Fund’s IPO, when it plans to lsit on the London Stock Exchange.
Senior investment manager at Foresight, Ricardo Pineiro, said, ‘Completing the acquisition of the Wymeswold solar power plant, the biggest operational plant in the UK, means that 30 per cent of the IPO proceeds are now generating cashflow for the company. The promising outlook for the UK solar sector, the quality of the underlying assets and Foresight’s solar track record, provide investors with an attractive opportunity to secure an increasing yield and the potential for capital growth.’
NewNet previously reported Foresight launched an IPO to raise capital to build a portfolio of UK ground-based solar power plants.
The IPO saw the issue of 150 million ordinary shares at 100p per share, raising £150m for investment.
Foresight Solar Fund will seek to invest in a portfolio of UK ground based solar power plants to achieve its objective of ‘providing shareholders with a sustainable and increasing dividend with the potential for capital growth over the long term’. The fund will structured as a closed-ended infrastructure investment company with an indefinite life.