A SOLAR farm in Tytherington has been taken over as part of a deal valued at £61.7 million.
The Tower Hill solar farm is one of three sites that have been acquired in a share purchase agreement by NextEnergy Solar Fund Ltd, along with two others based in Cambridgeshire.
The 60 acre plant will generate 8.1 megawatts, with the three combined totalling 53.3 megawatts.
Michael Bonte-Friedham, founding partner and CEO of NextEnergy Capital said: “We are delighted to have acquired the Tower Hill site in Gloucestershire, which will generate enough renewable energy to power 3,000 residential properties each year.
“NextEnergy Solar Fund intends to own and manage the asset throughout its entire useful life, in a long term partnership with our local counterparts. It is one of 28 plants we now own across the country and we are very pleased with this addition to our portfolio.”
The business, which describes itself on its website A Guernsey incorporated investment company focusing on operational solar photovoltaic assets located in the UK, has a net asset value of £280.3 million, as at September 30, 2015.
The plant, along with the other two, was grid-connected during the first quarter of 2015, and has long-term fully-amortising project financing of £45.4 million in place, which will expire in 2032.
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