FSFL acquires 72MW Shotwick solar park in UK

Foresight Solar Fund Limited (FSFL) announces the acquisition of Shotwick, the UK’s largest Solar Park with a 72MW peak capacity and a 50MW AC export capacity, constructed at a 220-acre site adjacent to UPM’s Shotton Paper Mill in Deeside, North Wales.

The developers, WElink, British Solar Renewables and Compton Group, advised by EY, worked collaboratively with Foresight and with UPM, the largest producer of 100% recycled newsprint in the UK, to execute an innovative and sophisticated private wire arrangement which also has the flexibility to export to the grid. China Triumph International Engineering Co., Ltd. is EPC contractor on the project.

The project sets a new gold standard for solar energy suppliers working with energy intensive industry, and can be seen as part of a wider shift towards corporates sourcing renewable electricity to better manage ongoing energy costs and lower carbon emissions.

The Shotwick solar park delivers clean electricity via a private wire to UPM, which lowers the paper mill’s energy costs and allows it to run on up to 100% green energy during the day, and as a whole, save up to 22,500 tonnes of CO2 per annum. This represents an attractive arrangement for both the solar park and UPM as a major local employer, delivering long-term environmental and economic benefits to the local community.

For Foresight Group, the transaction marks the increase of FSFL’s solar portfolio to 17 assets, with a combined installed peak capacity of 420MW. FSFL has a strong pipeline and expects to announce further deals over the coming year. Osborne Clarke advised Foresight on the transaction.

This innovative direct supply arrangement is a prime example of how renewables are making a major contribution to the new decentralised smart energy grid, and Foresight is taking a lead in investing in new energy grid infrastructure as the UK transitions from its fossil fuel dependent centralised model to a decentralised low emissions and increasingly smart network.

Source: Foresight Group