Foresight Solar Fund buys UK’s largest PV project

The Foresight Solar Fund has agreed to buy the 46MW Landmead solar farm, the largest in the UK.

The plant, in the county of Oxfordshire, is still under construction by German firm BELECTRIC with grid connection expected later this month. The plant expects to be accredited for support at 1.4ROCs under the renewable obligation. That scheme closes to projects over 5MW at the end of March.

The acquisition is agreed under a binding contract subject to the developer meeting all required criteria and the completion of grid connection.

On completion, the deal will take the Foresight Solar Fund’s UK assets to 231MW.

“This agreement with BELECTRIC to acquire the 46MW Landmead solar plant, will boost the company’s capacity by around 25%,” said Ricardo Piñeiro, director, Foresight Solar Fund. “Following acquisition, Foresight Solar Fund will own and operate four of the largest solar power plants in the UK, with an enterprise value in excess of £300 million, doubling the size of the company within 15 months of IPO,” added Piñeiro.

The company also owns the 32.2MW Wymeswold plant and the Bournemouth and Kencot plants, 37.3 and 37.2MW respectively.