Alternative asset manager Foresight Group has agreed to fund a £10 million programme of residential solar photovoltaic (PV) installations in the UK over the next three months.
The group will finance the completed roof installations which are developed by Our Generation, an energy services company set up in 2009 in conjunction with Mark Group, which operates in the energy saving market.
Foresight will fund the installations from its Foresight Solar VCT, which has raised in excess of £30 million from individuals.
Funding will also come from the Foresight Solar EIS, its fourth dedicated solar fund that was launched earlier this year.
Ricardo Pineiro, the group’s investment manager, says the deal ‘demonstrates how quickly the momentum is building’ in the UK solar PV sector.
‘We have had to launch the new Foresight Solar EIS fund just to cope with the demand for funding. If the opportunity develops as we expect, we will have close to £300 million of solar assets in 12 months’ time,’ he adds.
Foresight already manages solar power assets worth more than £150 million.
Our Generation director Ian Goodwin says, ‘We have attracted a high level of interest in our business model to date and know that Foresight will have a key part to play as we extend our offering to a wider customer base in the future.’
Foresight also announced the appointment of portfolio director Daniele Tabacco to its solar investment team, who joins from Nur Energie. He will be responsible for managing the group’s solar portfolio in the UK and Europe.