A joint venture (JV) by Big60Million and Foresight Solar Fund has been announced to acquire three solar farms, totalling 34MWp.

The venture brings together institutional finance with community funding raised through the Big60Million Solar Bonds scheme. The scheme offers local communities in the UK and other private investors the opportunity to benefit financially, environmentally, and socially from solar power generation through a low-risk, high-yield investment.

Through the Big60Million Solar Bond scheme, investors can invest a minimum of £60 and receive a fixed 6% gross return per annum for five years.

The firms have acquired the 15MW Atherstone and 10MW Southam solar farms in Warwickshire, and the 9MW Paddock Wood park solar farm in Kent. All three projects were connected to the Grid in March 2015. Together, they produce enough energy to power more than 10,000 homes.

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Ricardo Pineiro, Head of Solar at Foresight Group, said: "We are delighted to have successfully completed the acquisition of three further operational solar assets, increasing Foresight Solar Fund's operational portfolio to 267 MWp.

"By partnering with Big60Million, the local community alongside investors in Foresight Solar Fund, have been given the opportunity to benefit from the attractive, low risk return these solar power assets offers.

"This innovative partnership of institutional and community finance will act as a template for further co-investment opportunities as we seek to increase the community involvement in solar power generation in the UK."

Toddington Harper, CEO of Big60Million, added: "The solar farms at Atherstone, Southam and Paddock Wood set the standard for the UK solar industry in terms of local community involvement and biodiversity enhancement.

"In completing this deal I am delighted that we have been able to co-invest alongside an investor with a strong track record and a genuine interest and commitment to greater community involvement."

(LM/JP)