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Foresight completes acquisition of 26.1MW subsidy-free Virgen del Carmen solar project in Andalusia from IM2 Energía Solar

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London/Madrid, 09 September 2020: Foresight Group LLP (“Foresight”) is pleased to announce the successful acquisition of the 26.1MW Virgen del Carmen subsidy-free solar power project Huelva, south-west Spain. The project has been acquired by Foresight Solar Fund Limited (“Foresight Solar”, “FSFL” or “the Fund”) and represents the first subsidy-free and the first Continental European project adding to Foresight Solar’s 869MW diversified international portfolio which makes Foresight Solar the largest listed solar dedicated investment company by installed capacity.

Construction at the site will start immediately and the project is expected to be fully commissioned in Q2 of 2021. It will generate around 50GWh of clean electricity every year, enough to power 15,000 homes and making a significant contribution to Spain’s emissions targets.

Designed with a single-axis tracker structure to exploit fully the higher irradiation levels achieved in the south of the Iberian peninsula, the project has been acquired from developer IM2 Energía Solar, who will continue their involvement as both EPC (Engineering, Procurement and Construction) and O&M (Operations and Maintenance) contractor.

A long-term power purchase agreement (“PPA”) with a fixed electricity price until 2030 has been reached with Shell Energy Europe Limited (“Shell”), a subsidiary of Royal Dutch Shell Plc, whose principal activity is the trading and marketing of gas and electricity across 20 European countries.

Ricardo Piñeiro, Investment Manager of Foresight Solar, commented “This asset is a true milestone in the development of Foresight Solar’s geographically diversified portfolio. It further expands the Fund’s international coverage into southern Europe and as the Fund’s first subsidy-free project, the long-term PPA with such a strong counterparty as Shell, will contribute to the delivery of stable and predictable cashflows for our investors.”

The project is the latest addition to Foresight’s growing 175MW portfolio of unsubsidised solar assets in the Iberian region, where Foresight’s team in Madrid, led by Carlos Rey, Director of Foresight and Head of Iberia, has identified a strong pipeline of unsubsidised solar projects and is in the process of making further acquisitions in the region.

Enrique Selva Bellvís, CEO at IM2 Energía Solar, commented “Success for this project comes as a result of exceptional IM2 Energía Solar teamwork, focused on the development, construction and operation of added value projects in high solar irradiation areas. As a developer with more than 16-years’ experience, we apply our know-how on premium grid-connected development of PV project portfolios in Spain and Chile. With a leading position in large scale self-consumption industrial projects, we are proud to say that IM2 is one of the key players in the solar market.”

Advisers on the transaction include:

Legal DD:

Osborne Clarke

Technical DD and yield assessment:

OCA Global

Financial and Tax DD:



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