London: 6 July 2017 – Foresight Group (“Foresight”) is pleased to announce the acquisition of Vale Matanças 7.2 MW solar farm (the “Project”) located in Alcácer do Sal, Portugal. The construction of the Project is expected to start in September 2017 with grid connection expected by the year end.
The Project represents the first investment in a utility scale solar asset in Portugal which does not benefit from government subsidy and is the first part of a larger unsubsidized solar portfolio acquisition plan Foresight is implementing across Portugal, Spain and Italy.
The Project has been developed by Exus Management Partners and it will be built by established EPC contractor Solarig Global Services on turn-key basis.
When fully operational, the Project is expected to deliver 12 GWh of clean renewable electricity per annum, with income derived purely from the sale of the power generated under a long term power purchase agreement (PPA) without any governmental subsidy.
The Project is expected to have a 25 year operational life in line with typical Foresight infrastructure solar investments. The Project will be constructed in an agricultural area covering approximately 18 hectares and is located in one of the highest irradiation area in the Iberian Peninsula, which, incidentally, is one of the highest irradiation area in continental Europe.
Foresight has been advised by law firm Gomez, Acebo y Pombo in the acquisition and structuring of the transaction.
Carlos Rey, Senior Investment Manager at Foresight, commented: “We are pleased to have completed this first milestone of our larger development portfolio plan for unsubsidized solar across Southern Europe. At the current cost of the technology, solar assets can operate without separate subsidies and deliver superior risk adjusted returns for our investors. Grid-parity forms a key part of our long-term strategy as we are looking to consolidate further our leadership as a worldwide solar operator”
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 £2.6 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 £2billion in infrastructure assets including some 80 operating PhotoVoltaic plants in the UK, Southern Europe, USA and Australia, with a generating capacity of more than 900MW.
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 Exus Management Partners Portugal
Exus Management Partners is an independent investment and asset management firm focused on the renewable energy sector, with large experience in the development, construction and operation of wind and solar plants.
About Solarig Global Services
Solarig is a Spanish IPP Company vertically integrated in the solar PV sector.
Solarig provides EPC and O&M services to utility-scale solar PV projects around the world. Since 2005 it has developed, built and operated a total of over 2 GW of projects in more than 20 jurisdictions across 4 continents. Its catalogue of experience includes technologies ranging from mono- and polycrystalline, thin-film, CPV, single and double-axis trackers, string and central inverters and battery storage systems