UK's Foresight Solar acquires solar development projects in Spain
23/03/2023 11:01
MADRID, March 23 (Reuters) - Britain's Foresight Solar
Fund Ltd FSFL.L said on Thursday it has acquired 467 megawatts
(MW) of solar photovoltaic projects under development in Spain.
The fund said it secured the rights to six solar sites under
development called "Project Lynx" from renewable energy company
Grupo Cuerva and another Spanish renewables developer.
The solar sites are located in the south and east of Spain.
Two of the sites have sought grid connections and one of those
has already secured grid access with the potential to be ready
to build in 2024.
The financial details of the deal were not disclosed but
Foresight said it made “a modest down payment” at the closing of
the deal.
Additional payments will depend on the projects reaching
certain milestones in the coming years, such as securing grid
connections and reaching ready-to-build status. However, there
is no guarantee that all projects will proceed, the fund said.
Spain aims to install 39 gigawatts of solar photovoltaic
capacity by 2030.
(Reporting by Pietro Lombardi; editing by Nina Chestney)
((Pietro.Lombardi@thomsonreuters.com;))