The U.K.’s Foresight Solar Fund Ltd and Canadian Solar Inc. have entered into a contractual agreement concerning the sale of three construction-stage solar assets in Queensland, Australia.
The $64 million deal will see Foresight Solar Fund acquire full or part ownership of three solar farms totaling 117 MW of cumulative capacity. Specifically, these are Longreach Solar Farm, Oakey 1 Solar Farm, and Oakey 2 Solar Farm.
Foresight will become 49% owner of Longreach and Oakey, and 100% owner of Oakey 2. The sums involve include expected construction costs.
Longreach and Oakey 1 have entered into 20-year fixed price offtake agreements with the government of Queensland via Large-Scale Generation Certificates. These two solar farms are expected to be connected between March and September 2018, with Oakey 2 coming online a little later in October 2018.
“The company’s second significant solar acquisition overseas represents the continuing development of Foresight’s international growth strategy in Australia’s solar sector,” said Foresight Solar Fund chairman Alex Ohlsson. “The transaction is further evidence of the success the investment manager has had leveraging the extensive solar experience and track record of Foresight’s global infrastructure team.”
Last month Foresight Solar Fund announced it is to acquire a 48% stake in the 110 MW Bannerton Solar Farm, also in Australia.