Solar investment fund Foresight has acquired majority stakes in three operational solar farms, totalling 34MW, from community energy company Big60Million.

The two firms will manage the farms through a joint venture, with Foresight taking 78 per cent ownership of the 15MW Atherstone plant, 70 per cent of 10MW Southam and 59 per cent of 9MW Paddock Wood.

The acquisition of the assets has increased Foresight’s operational portfolio to 267MW.

All three solar farms were connected to the grid in March 2015 and have received Renewable Obligation Certificate accreditation at the rate of 1.4ROCs per MWh.

Big60Million’s chief executive Toddington Harper pointed out that the UK government is supportive of greater community involvement in local energy generation and conservation.

“The solar farms at Atherstone, Southam and Paddock Wood set the standard for the UK solar industry in terms of local community involvement and biodiversity enhancement,” he said.

Foresight Group’s head of solar Ricardo Pineiro said: “This innovative partnership of institutional and community finance will act as a template for further co-investment opportunities as we seek to increase the community involvement in solar power generation in the UK.”

Big60Million launched its £20.4 million solar mini-bond portfolio in April this year, giving people the opportunity to invest in its 34MW of solar power. In the same month, the firm announced it was making its first 7 per cent interest payments to bond holders in its first solar farm, 3.8MW Willersey.

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