Foresight Group ("Foresight”), a leading independent infrastructure and private equity manager, is pleased to announce the acquisition of the 25 MW Barcaldine Remote Community Solar Farm ("BRCSF”) in Queensland on behalf of KDB Infrastructure Investments Asset Management Co. Ltd ("KIAMCO”) and Hanwha Energy ("Hanwha”) to bring its first Australian solar project under management.
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KIAMCO and Hanwha have provided equity financing for the project, which was developed by and acquired from Elecnor and its subsidiaries.
The transaction marks Foresight’s first solar deal in Australia, leveraging the extensive solar experience of Foresight’s London team and the local knowledge of the Australian team.
The Sydney team, led by Foresight Director and Head of Australia, Gary Sofarelli, is seeing significant growth opportunities, following the November 2015 launch of the A$200 million Australian Bioenergy Fund ("ABF”) which targets investments ranging from A$2m to A$50m into energy from waste projects across the continent backed by a cornerstone investment from the Clean Energy Finance Corporation ("CEFC”).
Gary Sofarelli, Director, Foresight Group said: "We are delighted to be working alongside prestigious financial institutions and investors such as KDB KIAMCO and Hanwha on the Barcaldine project. The project will be meaningful not only for the local community’s energy generation, but also as one of the early utility scale solar facilities being constructed in Australia. The acquisition has evidenced Foresight’s ability to apply its extensive solar expertise to the growing Australian market alongside the investors, with whom we look forward to delivering a strong pipeline of future energy projects both in Australia and around the world. Foresight will continue to work with developers and investors over the coming years to firmly establish itself as an astute energy infrastructure investment manager of solar, energy from waste and wind assets in Australia.”
Foresight has a strong pipeline of renewable energy projects in Australia, both in the solar and energy from waste sectors, and is pleased to be transferring its energy infrastructure leadership, expertise and focus from the European and North American markets, where it has established a A$3bn portfolio of energy infrastructure assets, to Australia.
The CEFC provided $20 million in debt finance for the Barcaldine Solar Farm, which will continue to be serviced under the new ownership.
CEFC Large-Scale Solar lead Gloria Chan said: "We were delighted to see this project reach first energy generation in December, within just a year of our financing commitment. The fringe-of-grid location of the development has provided important learnings for other off-grid remote area solar PV projects. This acquisition further confirms the increasing commercial maturity of Australia’s large scale solar sector, while also demonstrating to developers that there is a commercial appetite for completed and operational projects.”
For more information contact:
Ben Thompson, Foresight Group: firstname.lastname@example.org / +44 (0)20 3667 8155
About Foresight Group LLP
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 £2.3 billion (A$3.7 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 €1.2 billion (A$1.7 billion) in some 70 operating Photovoltaic ("PV”) plants in the UK, Southern Europe, Australia and North America.
Foresight Group is headquartered in London, with international offices in Rome, San Francisco and Sydney with regional UK offices in Nottingham, Manchester and Guernsey.
About the CEFC
The Clean Energy Finance Corporation invests, applying commercial rigour, to increase the flow of finance into the clean energy sector. Our mission is to accelerate Australia's transformation towards a more competitive economy in a carbon constrained world, by acting as a catalyst to increase investment in emissions reduction. We do this through an investment strategy focused on cleaner power solutions, including large and small-scale solar, wind and bioenergy; and a better built environment, with investments to drive more energy efficient property, vehicles, infrastructure, and industry. The CEFC also invests with co-financiers to develop new sources of capital for the clean energy sector, including climate bonds, equity funds, aggregation facilities and other financial solutions. The CEFC operates under the Clean Energy Finance Corporation Act 2012. For more information, visit cleanenergyfinancecorp.com.au