Element Power Solar completed the sale of two solar parks with a combined capacity of 6 MW to funds managed by alternative asset manager Foresight Group.
The projects, Puriton West and Summerway Drove, were constructed and commissioned in 2011 with Dublin-based BNRG Renewables under the UK’s feed-in tariff (FIT) legislation. The rapid and considerable changes to the FIT meant the construction window for both projects had to reduce from 12 to 3 months. Ricardo Piñeiro, Investment Manager at Foresight, said, "Commercial-scale feed-in-tariff solar projects continue to be an attractive investment proposition. We are delighted to add these two projects to our growing portfolio of solar assets increasing our UK portfolio to 16 MW."
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