Foresight Solar Fund has agreed to purchase 11 solar farms with combined capacity of more than 80MW for a total sum of £34 million.
The company will issue up to nearly 54 million new shares to finance the acquisitions. The assets will be bought from funds managed by the Foresight Group.
Foresight Solar announced in September it had secured exclusive rights to purchase ten operational solar farms with a combined capacity of 72MW. It has now agreed to buy nine of the ten assets, accounting for 65.7MW of capacity.
It had also obtained the rights previously to buy another three operational sites with a total capacity of 20MW. The fund has agreed to purchase two of these assets, representing a further 15.2 MW of capacity.
The latest acquisitions will bring the total size of the company’s portfolio to 869MW spread across 54 sites.