London: 21 December 2017 – Foresight Group (“Foresight”) is pleased to announce the start of construction of its second solar unsubsidized asset in Iberia. Torre de Cotillas 1 - 3.9 MW solar farm (the “Project”) is located in the municipality of Las Torres de Cotillas, Murcia region, south east of Spain.
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The Project forms part of a wider 18 MW development in the south-eastern Spanish region and it is the second solar asset under construction by Foresight in Iberia this year, following the completion of the acquisition of the Vale Matanças 7.2 MW project in Portugal.
The established contractor Solarig Global Services (“Solarig”) has developed the Project and will build it on a turn-key basis, expecting to be grid connected in the first half of 2018.
Once operational, the Project will deliver 7 GWh of green electricity per year which will be sold under a long-term power purchase agreement (PPA), the first of its kind in the solar industry, with the Spanish offtaker Energya-VM, which is part of the energy division of the Spanish corporation Grupo Villar Mir.
Carlos Rey, Director at Foresight, commented: “We are delighted to conclude this solid step in our strategy to develop a multi megawatt portfolio in Southern Europe without regulatory support where revenues are derived purely from the sale of the power generated and delivered to private counterparts. The project sets an exciting new precedent in the Spanish solar industry as it is supported by a 10 year PPA at a fixed price. This proves Foresight’s capacity to deliver secured long-term revenues to our investors in an unsubsidized context”
Foresight has been advised by Watson, Farley & Williams – Madrid office - (Legal and PPA negotiation), DNV GL – Barcelona office - (Technical) and Our New Energy (PPA Advisor).
- ENDS –
For further information please contact:
Ben Thompson, Foresight Group: email@example.com | +44 20 3667 8155
Notes to editors
About Foresight Group
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has £2.8 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
As one of Europe’s leading solar infrastructure investment teams, Foresight funds currently manage more than £2 billion in infrastructure assets including some 105 operating PhotoVoltaic plants in the UK, Southern Europe, USA and Australia, with a generating capacity of more than 1.1GW.
Foresight also manages 28 Energy from Waste projects across the UK with a generating capacity of 132MW.
Foresight is headquartered in London, with international offices in Rome, San Francisco and Sydney and regional UK offices in Nottingham, Manchester and Guernsey.
About Solarig Global Services
Solarig is a Spanish Independent Services Provider (ISP) company in the solar photovoltaic sector on a global scale with a strong project development background and experience in different environments.
Solarig operates in more than 10 countries and has an EPC division that has built more than 150MW worldwide as well as an Operation and Maintenance branch offering world class services to third parties currently managing more than 1.4 GW all around the world from Japan to Chile with activities in India, Spain, Italy, France, United kingdom among others.
Energya-VM belongs to the energy division of Villar Mir Group, one of the largest Spanish industrial groups, with over 30.000 employees in 31 countries.
Energya-VM is a gas and electricity supplier that was created with the objective of optimizing energy costs to clients, helping to improve their profits. In addition, Energya-VM participates in the wholesale electric market, managing the renewable electricity produced by small generators.
As of 2007, Energya-VM is committed to the use of renewable energy sources, currently being the biggest supplier of 100% renewable energy to clients in Spain.