Foresight Solar Fund Ltd. bought three solar parks in the U.K., two days after the government proposed further cuts to subsidies for the industry.
The London-listed fund acquired 34 megawatts of operational assets through a venture with Big60Million Ltd., Foresight said Friday in a statement. The projects in Warwickshire and Kent all currently receive subsidies through the government’s Renewables Obligation program. Terms of the deal weren’t disclosed.
The government on July 22 proposed to slash the support it gives small-scale solar projects a year earlier than planned after already ending aid for larger solar projects in April. Last month it announced the same measure for onshore wind. The cuts are meant to help keep a lid on public spending and reduce costs to consumers, it said at the time.
Foresight said it also secured an extension of its acquisition debt facility with Banco Santander SA and Royal Bank of Scotland Group Plc, from 120 million pounds ($186 million) to 150 million pounds, that will enable it to exploit an “attractive” pipeline of projects.