Osborne Clarke has advised Foresight Group LLP on the acquisition of the largest currently operating solar project in the UK. The 32.2 megawatt Wymeswold solar power plant was acquired by the Foresight Solar Fund in November 2013 and occupies the site of a former Second World War airfield in Leicestershire. The capital used to purchase the assets was financed by the IPO of Foresight Solar Fund Limited which listed on the London Stock Exchange on 29 October 2013.

The Project was connected to the grid in March 2013 and is therefore eligible for 2.0 renewables obligations certificates (ROCs) per MWh generated.

Senior investment manager at Foresight, Ricardo Pineiro, said,

"Completing the acquisition of the Wymeswold solar power plant, the biggest operational plant in the UK, means that 30 per cent of the IPO proceeds are now generating cashflow for the company. The promising outlook for the UK solar sector, the quality of the underlying assets and Foresight’s solar track record, provide investors with an attractive opportunity to secure an increasing yield and the potential for capital growth."

Matthew Lewis, a corporate partner at Osborne Clarke said:

“Foresight has been incredibly active in 2013 and following the Fund’s IPO, the pipeline would suggest that this will only continue in 2014. We are delighted to be able to support them on their acquisitions”.

The OC team advising Foresight was led by corporate partner Matthew Lewis and Senior Associate Chris Yeo and included banking partner Omar Al-Nuaimi, energy partner Alan John, Senior Associates Alex Cooke and Associates Clare King, and Dave Kerr.