Foresight Solar Fund Limited (FSFL) has acquired the 34.6MW Port Farms solar project in the UK from ReneSola.
The utility-scale project, which features ReneSola’s Virtus II modules, was connected to the grid in March this year.
The plant is qualified for the UK’s 1.4 Renewables Obligation Certificates (ROC) scheme.
The move marks Foresight Group’s second solar acquisition from ReneSola. In early July, other funds managed by the company acquired the 6.4MW Field House project.
ReneSola CEO Xianshou Li said: "The development and sale of our 34.6 MW Port Farms project, which was part of our initial pipeline of 71 MW of projects we developed in the UK, extends our collaboration with Foresight and represents another example of our execution capabilities and fruitful
ReneSola currently has over 42MW of operational projects in the UK, Japan, and Eastern Europe, and more than 200MW of projects under development in the UK, US and Japan.
Foresight funds currently manage more than $1.5bn in over 50 separate operating photovoltaic facilities in the UK, the US and Southern Europe.
Both the companies have not disclose the financial details of the deal, Foresight Solar Fund said it will be funded through $232m raised via IPO in 2013.
The acquisition will increase Foresight Solar’s asset portfolio to 322MW.
Last month, Foresight launched a new £20m fund providing investors the opportunity to invest in a portfolio of projects that support energy infrastructure in the UK.
Foresight Energy Infrastructure EIS Fund includes tax reliefs benefits and will invest in reserve power and smart data equipment.
transition into the downstream segment of the market."
Image: The Port Farms solar project features ReneSola’s Virtus II modules. Photo: courtesy of graur codrin/FreeDigitalPhotos.net.