U.K.’s Biggest Solar Farm Exceeds Expectation: Foresight

The U.K.’s largest solar farm generated 15 percent more power than expected from November through Jan. 22, said Foresight Solar Fund Ltd. (FSFL), which bought the facility three months ago.

Foresight raised 150 million pounds ($248 million) in an initial share sale in October. Today, it’s on target to spend all proceeds from that offering on grid-connected, operational power plants by the end of the first quarter, according to an e-mailed statement

The company spent 30 percent of funds raised in the 32-megawatt Wymeswold farm, which has so far exceeded expectations, according to the statement. Two further plants totaling 28 megawatts -- Castle Eaton and High Penn -- may be fully operational and hooked up to the grid shortly, the Sevenoaks, southeast England-based group said.

Investors raised at least 750 million pounds last year for megawatt-scale projects in the U.K., according to Bloomberg data. Britain may build more big plants of 2 megawatts or more than any European country, adding as much as 2,000 megawatts of capacity this year, PricewaterhouseCoopers LLP predicts.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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