A listed solar power fund is building its first subsidy-free solar farm after securing a deal to sell its electricity to Royal Dutch Shell. Foresight Solar, a FTSE 250 fund, said that it would spend £18 million on the 26-megawatt Virgen del Carmen solar farm in southwestern Spain. Its first deal outside Britain and Australia would take its portfolio to 55 assets with 895 megawatts of capacity, it said. Its existing solar farms benefit from government-backed subsidy schemes, but the Spanish project got the go-ahead solely based on commercial revenues, thanks to a deal to sell the electricity at a fixed price to Shell Energy Europe, a power division of the Anglo-Dutch oil major. The solar farm is expected to be built by the third quarter of next year and Shell has signed up to buy the power until 2030.
Times 7th Sept 2020 read more »