Renewables and infrastructure investor Foresight Group has formed a joint venture with Island Green Power to develop a 700MW pipeline of solar photovoltaic projects across the UK.
The pipeline comprises five greenfield projects in England and Wales.
Island Green Power UK director Ian Lawrie said: “Having successfully developed in excess of 1GW of solar projects in Australia, UK, Ireland and Spain we are delighted to have formed a joint venture with Foresight that allows us to accelerate our development efforts in the UK.
“Foresight is a leading investor in renewables infrastructure and we look forward to growing their solar portfolio as the energy revolution continues.
“We had several suitors wanting to enter into a similar joint venture with us and we are delighted that Foresight came through in the most efficient manner and with the best deal for Island Green Power.”
Foresight director Peter Bolton (pictured) said: “As a highly experienced renewable energy investor, Foresight is well positioned for the anticipated second phase of growth in the UK solar sector.”
He said opportunities for asset optimisation and a continual reduction in capital costs will make unsubsidised solar investment “increasingly attractive”.
Bolton added: “Island Green Power has a track record of solar development and continues to develop a high-quality pipeline of new sites.”
The joint venture’s five projects will help increase the UK’s proportion of generating capacity from renewable energy sources, as is required by the Government’s “net zero” targets.”
The agreement with Island GP is the second JV Foresight has entered into in as many months, following the announcement in September with Elgin Energy to develop 200MW of solar PV assets across the UK.