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Foresight grows its subsidy free solar portfolio with acquisition of 50MW Spanish Solar project in Andalusia

  • 50MW plant comprising 150,000 panels under construction by Solaer
  • Expected to be connected and exporting to the grid from January 2020
  • Acquisition boosts Foresight’s Iberian subsidy free solar portfolio to 116 MW

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Foresight Group (“Foresight”), a leading independent infrastructure and private equity investment manager is pleased to announce the completion of the acquisition of the 50MW solar PV plant in the municipality of Puebla de Guzman in south-west Spain from Solaer.

This is the fifth deal Foresight has completed with Spanish EPC contractor, Solaer Group, and the largest in size to date. The Project, which is already under construction, is expected to connect to the grid by early 2020.

Once operational, the Project will deliver 85GWh per annum of clean electricity, which is expected to be sold under a long term power purchase agreement.

The Project is the latest part of Foresight’s strategy to develop a portfolio of subsidy-free solar assets in Southern Europe, which includes the already operational Vale Matanças, a 7.2MW asset in Portugal, and Spanish assets 3.9MW Torre de Cotillas and 10MW Escalonilla Norte and Sur.

Carlos Rey, Director at Foresight, commented“The Guzman project is a major large scale facility enhancing our portfolio of subsidy-free solar assets and greatly increasing our presence in Spain. At Foresight we are committed to creating a sustainable legacy for future generations and providing subsidy free clean energy from the sun is a major part of that commitment. We call it investing for a smarter future.”

Adrian Mozas, Business Developer Director, Solaer added: “We are excited having reached this agreement with Foresight Group increasing our pipeline together in the Iberian market with this great project in Huelva, due to be connected to the grid in Q1 2020. We are looking forward to working with the Foresight team on this and future projects..

Foresight has been advised by:

Legal: Osborne Clarke - Madrid office

Technical: DNV GL - Barcelona office

Solaer has been advised by:

Legal: Rousaud Costas Duran - Madrid office

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