Foresight Solar Fund Limited as announced it has completed the acquisition of the 32.2 MW Wymeswold solar power plant, the UK's largest operating solar power plant, for a net consideration of £43.7 million (excluding cash and accrued revenues of £1.3 million).

The Wymeswold plant is located on a disused WWII airfield of approximately 78 hectares in Leicestershire. As the plant was connected to the grid in March 2013, it received Renewable Obligation Certificate (ROC) Accreditation at the rate of 2.0 ROCs/MWh and has been generating revenues from this date.

The Renewables Obligation is the main support scheme for renewable electricity projects in the UK. It places an obligation on UK suppliers of electricity to source an increasing proportion of their electricity from renewable sources.

The Wymeswold plant,among others, will be financed from the IPO proceeds raised last month together with the acquisition facility.  These investments by the company will provide shareholders with a sustainable and increasing dividend with the potential for capital growth over the long term. Foresight Solar Fund intends to pay an initial annual dividend of 6p per Ordinary Share from the year commencing 1 January 2014.

Commenting on today's announcement, Ricardo Pineiro, Senior Investment Manager at Foresight said:

"Completing the acquisition of the Wymeswold solar power plant, the biggest operational plant in the UK, means that 30% of the IPO proceeds are now generating cashflow for the Company.  The promising outlook for the UK solar sector, the quality of the underlying assets and Foresight's solar track record, provide investors with an attractive opportunity to secure an increasing yield and the potential for capital growth. "

Foresight Group LLP raised £150 million in an initial public offering for a fund focusing on solar power investments, Britain's second to target the technology.