New PPA for 98.5MW Spanish solar portfolio

RNS Number : 3410V

Foresight Solar Fund Limited

13 December 2021

 

13 December 2021

Foresight Solar Fund Limited (the "Company")

New Power Purchase Agreement for 98.5MW Spanish solar portfolio

Foresight Solar Fund Limited, a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets in the UK and internationally, is pleased to announce that it has entered into a 10-year Power Purchase Agreement (PPA) over the electricity to be generated at the 98.5MW solar portfolio located in Andalusia, Spain.

The portfolio of three assets was acquired by the Company on 31 December 2020 and remains on target to start operations in June 2022.

The counterparty to the PPA, Statkraft, is Europe's largest producer of renewable energy, developing, building and operating solar, hydro, wind and gas assets. It also supplies district heating. The PPA provides the portfolio with a 10-year fixed price for circa 70% of its annual production, increasing the Company's earnings visibility. The PPA ensures an attractive and unique opportunity to secure a high proportion of contracted revenues for the portfolio.

The Company remains on target to deliver an annual dividend of 6.98 pence per share for the year ending 31 December 2021.

For further information, please contact:

Foresight Group
Nish Sivarajan	[phone]
([e-mail])

Jefferies International Limited	[phone]
Neil Winward
Gaudi Le Roux

Citigate Dewe Rogerson	[phone]
Toby Moore
Lucy Eyles
Lucy Gibbs

 

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