Foresight Starts Construction Of 3.9 MW Solar Farm In Spain
Foresight Group has announced the start of construction of its second solar unsubsidized asset in Iberia. Torre de Cotillas 1 - 3.9 MW solar farm (the "Project") is located in the municipality of Las Torres de Cotillas, Murcia region, south east of Spain.
The Project forms part of a wider 18 MW development in the south-eastern Spanish region and it is the second solar asset under construction by Foresight in Iberia this year, following the completion of the acquisition of the Vale Matanças 7.2 MW project in Portugal.
The established contractor Solarig Global Services ("Solarig") has developed the Project and will build it on a turn-key basis, expecting to be grid connected in the first half of 2018.
Once operational, the Project will deliver 7 GWh of green electricity per year which will be sold under a long-term power purchase agreement (PPA), the first of its kind in the solar industry, with the Spanish offtaker Energya-VM, which is part of the energy division of the Spanish corporation Grupo Villar Mir.
Carlos Rey, Director at Foresight, commented: "We are delighted to conclude this solid step in our strategy to develop a multi megawatt portfolio in Southern Europe without regulatory support where revenues are derived purely from the sale of the power generated and delivered to private counterparts. The project sets an exciting new precedent in the Spanish solar industry as it is supported by a 10 year PPA at a fixed price. This proves Foresight's capacity to deliver secured long-term revenues to our investors in an unsubsidized context"