May 13 (Renewables Now) - UK investment manager Foresight Group LLP said on Friday it has expanded its subsidy-free portfolio with the acquisition of a 50-MW solar park being built in Spain’s Andalusia autonomous community.
The London-based group has purchased the asset from Spanish engineering, procurement and construction (EPC) contractor Solaer Group for an undisclosed amount. The plant is scheduled to become operational and start feeding power to the grid from January 2020.
Being constructed in the municipality of Puebla de Guzman in the southwestern Huelva province, the Guzman photovoltaic (PV) park is planned to be grid-connected by the start of next year. Once up and running, its 150,000 panels are expected to generate 85 GWh of electricity annually, which will be sold under a long-term power purchase agreement (PPA), yet to be signed.
The acquisition of the project fits Foresight’s strategy to build a portfolio of subsidy-free solar assets in Southern Europe, the UK firm said, adding that it will boost its Iberian zero-subsidy solar portfolio to 116 MW.