Gibraleon-Huelva (Spain), september 11th, 2020,
UK solar investor Foresight Solar Fund limited (FSFL) has agreed a €20 million deal, with IM2 Solar, to acquire a 26.1MW solar project in Spain (Gibraleon-Huelva), under a turnkey basis, the company’s first in the country and its first ever subsidy-free solar investment.
Foresight Solar Fund ltd (FSFL), advised by Foresight Group, has acquired the under-development project for a total investment of €20.2 million. Construction is due to start at the end of this month and operations are slated to commence in Q3 2021.
Entirely subsidy free, the project is backed via a long-term power purchase agreement (PPA) with Shell Energy Europe, the power utility subsidiary of oil and gas major Royal Dutch Shell. Power produced by the project will be sold to Shell Energy Europe at a fixed rate until 2030.
From SDI want to congratulate IM2 Solar and Foresight Solar Fund (FSFL) for this important milestone under the Spanish market.
SDI (Commercial advisory) has advised in the transaction being a pleasure work together again with our first client ever (since 2008 ).
Foresight Group has been advised by OCA (technical) and Osborne & Clarke OC in the legal side.
https://renewablesnow.com/news/foresight-solar-forays-in-spain-with-261-mw-asset-purchase-712591/
https://www.pv-magazine.es/2020/09/08/foresight-adquiere-un-nuevo-proyecto-sin-subsidios-en-espana/