The company is acquiring the project on behalf of Foresight Solar Fund (FSFL), KDB Infrastructure Investments Asset Management (KIAMCO) and Hanwha Energy.
FSFL is purchasing a 48.5% interest in the project, which is slated to connect to the grid in July 2018.
The project will sell electricity to the Victorian government under a 10-year contract; to Alinta Energy as part of a 17-year fixed-price power purchase agreement (PPA).
FSFL mostly invests in UK solar power assets. It has 528MW net portfolio, of which 475MW is operational and the remaining capacity is under development.
According to Foresight, the acquisition hails the development of FSFL’s international growth strategy as the first overseas acquisition and sees FSFL’s portfolio expand by 11% in capacity to 20 assets of aggregate net 528MW.
Foresight Group partner Ricardo Piñeiro said: “We are pleased to have completed FSFL’s first overseas acquisition in Australia alongside the prestigious financial institutions and investors KDB KIAMCO and Hanwha, growing the fund’s portfolio to 20 assets with a capacity of 528MW.
KIAMCO’s Jay Shin said: “We are delighted to have collaborated once again with Foresight on the acquisition of the Bannerton project. This is the second Australian solar asset transaction where KIAMCO has partnered with Foresight and Hanwha, following the acquisition of the 25MW Barcaldine project in Queensland in February of this year.”
