Foresight Solar concurs EUR72m bargain for 99MW in Spain

Jan 4, 2021 12:21 PM ET
  • Building and construction of subsidy-free projects in Andalusia to begin in the summertime
Foresight Solar concurs EUR72m bargain for 99MW in Spain
Image: Foresight Solar

Financier Foresight Solar has actually acquired a 99MW portfolio of 3 greenfield solar projects in Spain in a deal worth approximately EUR72m.

The UK-based company stated construction on the "subsidy-free" growths in Andalusia will start in summer 2021 with operations anticipated a year later.

Foresight stated a lasting Power Purchase Agreement will shortly be authorized with a significant European energy distributor.

The firm will additionally carry out a 10-year rolling EUR/GBP international currency hedging technique covering the future capital created by the possession to considerably eliminate currency change direct exposure on returns.

The procurement of the development civil liberties for the properties in Andalusia has been funded using the firm's revolving credit centers.

Development rights have actually been valued at EUR15m, with the complete EUR72m to be paid as soon as construction is completed. The supplier was not revealed.

Foresight Solar chairman Alex Ohlsson claimed: "This purchase builds on the company's recent first investment in Spain and represents a meaningful progression for the company's international diversification as well as its enhanced existence in the subsidy-free solar market.

" The ability of the Investment Manager to protect such an attractive investment chance for Foresight Solar once more shows the benefit of its considerable regional presence across Europe."