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Foresight Group has formed a joint venture (JV) with UK solar developer Island Green Power to develop a pipeline of nearly 700MW of greenfield solar projects.
The pair are aiming to develop five subsidy-free solar PV projects across England and Wales, helping to support the UK’s transition to a zero carbon economy by 2050.
Peter Bolton, director at Foresight, said that as a “highly experienced renewable energy investor” it is well positioned for the anticipated second phase of growth in the country’s solar market.
“Opportunities for asset optimisation and a continual reduction in capital costs will make unsubsidised solar investment increasingly attractive. Island GP has a strong track record of solar development and continues to develop a high-quality pipeline of new sites.
“The joint venture’s five projects will help increase the UK’s proportion of generating capacity from renewable energy sources, as is required by the government’s net zero targets.”
In September, Foresight announced another JV, this time with Elgin Energy for 200MW of UK solar. This will see them target the development of six projects located in England, Wales and Scotland.
Island Green Power has been developing solar projects for 11 years, expanding beyond the UK to the Irish, Australian and Spanish markets.
Ian Lawrie, the company’s director, said the company has now developed in excess of 1GW of solar, and is “delighted” to have formed the JV with Foresight to “accelerate our development efforts in the UK".
“Foresight is a leading investor in renewables infrastructure and we look forward to growing their solar portfolio as the energy revolution continues. We had several suitors wanting to enter into a similar joint venture with us and we are delighted that Foresight came through in the most efficient manner and with the best deal for Island Green Power”