Foresight acquires 94MW windfarm portfolio in Spain from wpd AG

Foresight Group (Foresight), an independent infrastructure and private equity investment manager, has made the second investment by Foresight Energy Infrastructure Partners (FEIP), into two operational wind farms located in the Castile and León region of Spain.  

The 27-turbine portfolio represents Foresight’s second acquisition from subsidiaries of wpd AG (“wpd”), one of Europe’s leading wind energy developers and operators, following the acquisition of a 50MW German wind portfolio in December 2018.

The wind farms were commissioned in Q4 2019 having been developed, financed and constructed by wpd and comprise 27 Siemens Gamesa Renewable Energy (SGRE) G-132 3.465MW wind turbine generators, with SGRE also providing long term O&M services. The portfolio additionally benefits from ongoing operational management services provided by wpd windmanager, a wholly-owned subsidiary of wpd. Revenues are underpinned by a 10-year, fixed price PPA with Statkraft, with further revenue protection resulting from participation in the second and third Spanish tender rounds of the Spanish support scheme for renewable energy.

The acquisition consolidates Foresight’s position as a leading energy infrastructure investor with wind assets under management now 800MW and total renewable generating capacity of 2.5GW.

FEIP recently announced third party EU Taxonomy validation for its 231MW Skaftåsen windfarm in central Sweden, and it is intended that all FEIP investments ultimately comply with EU Taxonomy rules.

Richard Thompson, Partner at Foresight and Co-manager of FEIP, says: “We are delighted to have completed this significant addition to our portfolio which delivers geographic diversification and secure revenue streams for our investors. We plan to secure independent EU Taxonomy verification for this portfolio which will make a visible contribution to the EU’s goal of Net Zero by 2050.”

Foresight is working towards a second close for FEIP which is on target for EUR500 million.