LONDON (ShareCast) - (ShareCast News) - Foresight Solar Fund announced the completion of its second largest acquisition to date and its second acquisition of 2017 on Friday, a 100% interest in a 49.6 MW operational UK solar asset, Sandridge solar farm, located in Wiltshire.
The London-listed firm said Sandridge was connected to the National Grid in March 2016 and received Renewables Obligation Certificate accreditation of 1.3ROCs/MWh, with Foresight acquiring the economic benefit of all project cash flows since 1 January.

Its portfolio now totalled 18 assets with an installed peak capacity of approximately 470 MW, representing an average capacity of 26 MW per asset.

The acquisition of Sandridge was primarily funded via a new £55m revolving credit facility, announced on 23 February, provided by Santander Global Corporate Banking at a rate of LIBOR + 2% for three years.

Foresight said it intended to repay the credit facility through equity issuance in 2017.

The facility will provide additional financial flexibility for future growth opportunities, with the company having identified a further pipeline of operational solar assets with a combined installed capacity of approximately 100 MW.

"The company's latest acquisition, its second this month, demonstrates the strong pipeline of assets that the investment manager has identified in recent months," said chairman Alex Ohlsson.

"The purchase of Sandridge is in line with the company's cautious growth strategy, minimising the impact of cash drag for investors.

"The new credit facility was secured at attractive terms and will allow the company to remain competitive when targeting pipeline opportunities during the course of 2017."

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