JV For UK PV Plants
Foresight and Solar Century to build UK PV plants together
Foresight Group and Solarcentury have agreed a financing and installation package to roll-out commercial scale rooftop PV. This has been driven by the UK's implementation of a feed-in tariff incentive mechanism for PV earlier this year.
Foresight will finance the installations from its Foresight Solar VCT fund, its third dedicated solar fund. Foresight's other solar funds have invested in more than £150 million of operating PV assets in Italy and Spain.
Jamie Richards, who manages Foresight's solar funds, comments:
"Having built utility scale PV plants in southern Europe, we understand the importance of working with experienced contractors with a track record of delivering high quality power plants. The bankability of the contractor is key to enhancing returns through re-financings and exit."
Solarcentury is the UK's most experienced solar photovoltaic company, having delivered over 1,000 projects in the country; many built with Solarcentury designed products. It was recently named the fastest growing energy company in the UK by the Sunday Times Tech Track.
Derry Newman, CEO of Solarcentury, comments:
"Rapid deployment is important in this sector, and we value working with experienced investors who understand the nature of PV installation contracts; this allows us to focus on identifying suitable opportunities and accelerating the roll out of PV. We look forward to maintaining our lead in the market with this additional project funding line."