Foresight boosts UK PV Solar portfolio to 16MW with acquisition of Somerset power plants

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Foresight Group (Foresight), the alternative asset manager, is pleased to announce the acquisition of two ground based PV Solar plants amounting to 6 MW from Element Power.

The two sites, located in Puriton (4MW) and Bridgewater (2MW), are both fully operational generating electricity at pre August 2011 Feed-in Tariff (FiT) rates and the acquisition brings Foresight’s portfolio of ground mounted PV Solar assets in the UK to 16MW.  Following the acquisition, Solarwatt will continue as Operations and Maintenance (O&M) contractor for both sites.

Foresight is one of Europe’s leading managers of operational ground mounted solar assets with more than £300m of solar assets under management accounting for more than 85MW across the UK, Italy and Spain.

Ricardo Piñeiro, Investment Manager at Foresight, said: “We are delighted to have strengthened our UK portfolio with this latest acquisition which achieves economies of scale across our UK and European portfolio. Having raised more than £65m for the Foresight Solar VCT and Foresight Solar EIS in the past 15 months we will continue to add quality ground based PV assets to our portfolio.”

Foresight Group last year launched a £30 million fundraise in Foresight Infrastructure VCT Shares, a new share class offering similar risk and return characteristics to the Solar VCT through a diversified portfolio of assets targeting secondary PFI, onsite power and energy efficiency projects. Based on funds raised to date, the £30 million target is likely to be reached before the end of this current tax year. Foresight’s recently launched inheritance tax fund, Foresight ITS, is also targeting ground based UK solar PV and secondary PFI assets.


For more information, please contact:

Ben Thompson: +44 (0)20 3667 8155

Notes to Editors
About Foresight
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).

In the solar sector, Foresight’s solar funds have already invested in more than £300 million of operating PV assets in the UK, Italy 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, an innovative new share class which targets investments in energy generation projects and secondary PFI.

Foresight’s Private Equity team, comprised of eight investment professionals, 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.