Foresight Group acquires Sunstroom Energy Limited owner of 5MW Solar PV Plant in Wiltshire

Foresight Group LLP (Foresight), the alternative asset manager and private equity house, is delighted to announce that funds managed by Foresight have acquired Sunstroom Energy Limited, the owner of a fully operating 5MW solar PV plant in Wiltshire, UK.

This acquisition is the tenth Solar PV project to be completed by Foresight in 2011. Foresight has been both an active fundraiser and investor in Solar energy, becoming the UKs largest tax-efficient manager of European Solar assets with just under 100MW of operational Solar PV assets in UK, Italy and Spain.

Sunstroom Limited (part of the Vendor group) is to be retained as the Operations & Maintenance (O&M) contractor to ensure a smooth hand-over of the asset.

Jamie Richards, Head of Infrastructure at Foresight said: “Our portfolio of operational PV Solar assets in the UK and across Europe is approaching 100MWs and continues to perform ahead of expectations. We will continue to build our solar portfolio and are now also investing in the wider Infrastructure sector as an aggregator of smaller scale conventional infrastructure assets.”

Iain Morrison, Managing Director of Sunstroom added: “We are delighted to have completed the sale of our Wiltshire PV Solar Park to Foresight, where we will continue to carry out operational and maintenance responsibilities. We intend to focus our attention on new Solar opportunities in Croatia and Canada.”

ENDS

For more information, please contact:
Foresight Group:
Ben Thompson, Marketing Director bthompson@foresightgroup.eu +44 (0)20 3667 8155
Sunstroom Group:
Iain Morrison, Managing Director iain.morrison@sunstroom.com 01793 498049
Notes to Editors

About Foresight Group LLP
Foresight Group LLP (Foresight) is an independent alternative asset manager, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities.

Foresight has in excess of £600 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).

Foresight’s Private Equity team comprises eight investment professionals and invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs. The strength and depth of the team has enabled Foresight to lead the consolidation of the VCT sector, taking over the management mandates of established VCTs, such as Advent VCT, Advent 2 VCT, Noble VCT, Keydata Income 1 and 2 VCTs, Acuity Growth VCT and Acuity 3 VCT, from other investment managers.

In the solar sector, Foresight’s solar funds have already invested in more than £300 million of operating PV assets in Italy, UK and Spain.

Foresight recently successfully closed fundraisings for Foresight Solar VCT at £38m and Foresight Solar EIS at £27.5m and has launched a £30m fundraising for Infrastructure VCT Shares, which targets investments in the Secondary PFI, Onsite Energy (including Solar) and Energy Efficiency sectors.

About Sunstroom group
The Sunstroom group is an experienced solar developer with installations in Spain and the UK. Sunstroom Limited will, as with their other sites, undertake the Operation and Maintenance of the Wiltshire site on behalf of Foresight. The Sunstroom group will continue to seek new solar PV development opportunities, with a focus on specific opportunities in Croatia and Canada.