The Renewables Infrastructure Group, a UK-based fund focussed on clean energy projects, has acquired a 7.2-megwatt solar farm near Truro, Cornwall for £8.6 million (US$12.8 million).
The amount includes working capital for the Four Burrows project, which was acquired from Renewable Energy Systems. The solar farm uses Renesola PV panels and has been operational since January 2015.
RIG said the acquisition price is subject to adjustment should the project not qualify as expected for accreditation under the UK’s 1.4 ROC per megawatt-hour renewable support mechanism. A long-term power-purchase agreement is already in place for the project.
The acquisition brings to 30 the number of onshore wind farms and solar PV assets that are now owned by RIG. All the projects are located in the UK, Ireland and France.