Foresight ventures into 25-MW Australian solar deal

Foresight Group LLP has made its first solar deal in Australia with the acquisition of the 25-MW Barcaldine Remote Community Solar Farm in Queensland.

The London-based independent infrastructure and private equity manager said today it has acquired the solar farm on behalf of KDB Infrastructure Investments Asset Management Co Ltd (KIAMCO) and Hanwha Energy, and now has its first Australian solar project under management.

The fringe-of-grid solar facility, which started generating power in December 2016, was purchased from its developer Elecnor SA (BME:ENO) of Spain.

"Foresight will continue to work with developers and investors over the coming years to firmly establish itself as an astute energy infrastructure investment manager of solar, energy from waste and wind assets in Australia," sated Foresight director and head of Australia, Gary Sofarelli. In November 2015, the company launched the AUD-200-million (USD 153m/EUR 144m) Australian Bioenergy Fund with a cornerstone investment from the Clean Energy Finance Corporation (CEFC).

The CEFC also backed the Barcaldine solar farm with AUD 20 million in debt finance, which Foresight said will continue to be serviced under the new ownership.

According to CEFC large-scale solar lead Gloria Chan the acquisition confirms the growing commercial maturity of Australia's large-scale solar sector and shows there is commercial appetite for completed projects.

(AUD 1.0 = USD 0.767/EUR 0.721)

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