The Renewables Infrastructure Group Ltd. agreed to buy three U.K. solar farms from a venture between British Solar Renewables Ltd. and Banco Santander SA.
The photovoltaic farms total 56.6 megawatts of generation capacity and are valued at 73.7 million pounds ($124 million), the group said today in an e-mailed statement. The final amount to be paid depends on the performance of the plants, it said.
“These three large scale solar projects nearly double the generating capacity of TRIG’s solar PV portfolio,” said Richard Crawford, a partner at the group’s investment manager InfraRed Capital Partners.
The three sites are a 24.2-megawatt plant at Parley Court Farm, Dorset, a 21.2-megawatt plant at Egmere Airfield, Norfolk and an 11.1-megawatt project at Penare Farm, Cornwall. All three were built by Spain’s Grupo Isolux Corsan SA, which will continue to operate and maintain them. Their panels are all from ReneSola Ltd.
TRIG said it funded the purchase partly from cash and partly through using a revolving acquisition facility from which it has now drawn about 40 million pounds.