It is undertaking to update nine of UK solar plants and utility battery energy storage systems (BESS), spanning more than 150 MW of capacity, around 20% of the company’s portfolio. The total assets are worth around £977m.

The fund run by investment manager Foresight Group, said the enhancements involve replacing components like solar panels and inverters with newer equipment, which is anticipated to be completed by the summer of 2027.

Once the upgrades have been finished the project is expected to increase electricity generation by up to 14 gigawatts per hour a year, marking a 2% increase in Foresight Solar’s core market output. The additional electricity is equivalent to powering more than 5,321 UK homes for 12 months.

Will Morgan, Foresight Solar’s lead investment manager, said: “Enhancements are an efficient way to improve performance, increase revenues and drive long-term value for shareholders.

“”y drawing on maintenance reserves to finance the works, when possible, we’re able to realise upside with minimal extra cash requirements.”