Located in East Hanney, Oxfordshire, Landmead is claimed to be the largest solar farm in the UK to date.
The facility, which is currently under construction, is anticipated to be connected to the grid later in December 2014.
Foresight said it will not take construction risk for the project as part of its low risk strategy. Upon completion of the acquisition, Foresight Solar Fund will own and manage four of the UK’s largest solar farms.
The transaction brings the company’s total committed assets to 231MWp, of which 185MWp is currently operational.
Foresight recently raised £60m of gross proceeds in its Initial Placing and Offer, which will be used together with existing debt facilities to complete the announced acquisitions of 37.3MWp Kencot, 37.2MWp Bournemouth and Landmead.
The existing acquisition facility is expected to be repaid via a combination of the utilisation of additional new equity issuance in early 2015 and/or refinancing with a long-term debt facility.
Foresight Solar Fund invests in ground based UK solar power assets to achieve its goal of offering shareholders with a sustainable and increasing dividend for the potential long-term capital growth.
Foresight funds currently manage more than £930m in 34 separate operating photovoltaic facilities in the UK, the US and southern Europe.
