Foresight Group LLP has acquired the 26.1MW Virgen del Carmen subsidy-free solar power project in Huelva, Spain, marking its first such project in Continental Europe and enhancing its position as a leading solar investment company.

Target Information

Foresight Group LLP has successfully acquired the 26.1MW Virgen del Carmen solar power project, located in Huelva, southwest Spain. This acquisition by Foresight Solar Fund Limited marks an important milestone as it represents Foresight Solar’s first subsidy-free project in Continental Europe, enhancing its diversified international portfolio which now stands at 869MW, making it the largest listed investment company dedicated to solar energy by installed capacity.

The Virgen del Carmen project, which is designed with a single-axis tracker to optimize solar irradiation, will commence construction immediately and is scheduled to be fully operational by the second quarter of 2021. It is projected to generate approximately 50GWh of clean electricity annually, sufficient to power around 15,000 homes, thereby making a significant contribution towards achieving Spain’s emissions reduction targets.

Industry Overview in Spain

Spain has made substantial strides in its renewable energy sector, particularly in solar energy, which has seen a rapid increase in solar photovoltaic installations in recent years. The country benefits from high levels of solar