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Foresight prepares for 72MW purchase as 2018’s buying spree continues

Published: 11 Sep 2018, 10:28
By David Pratt

Foresight Solar Fund is targeting the purchase of a 72MW solar farm portfolio for £30.1 million as the investor continues its pattern of acquisitions over 2018.

The company has convened a general meeting to take place on 24 September to gain approval for the purchase of 10 ground-mount solar assets in the UK – a deal that has already been approved by Foresight’s board.

"The board considers that the passing of the resolution is in the best interests of the company and its shareholders as a whole," the company said.

If approved, the company will issue a maximum of 54.0 million shares to fund the acquisition and repay parts of its loan facilities.

The deal would mark the latest addition to the company’s portfolio this year after it picked up 114MW last month.

According to Finlay Colville, head of market research at Solar Power Portal publisher Solar Media, Foresight’s total UK large-scale portfolio is “well above 800MW”, making it the second-placed portfolio owner, below Octopus and above NextEnergy.