NAV UPDATE AS AT 30 JUNE 2014
• The Company is pleased to report that its unaudited Net Asset Value (‘NAV’) increased from £148.6m to £155.43m as at 30 June 2014 equivalent to a NAV per ordinary share of 103.62p, an increase of 4.52p from 31 March 2014.
• The Company’s 111MW, seven asset UK solar portfolio is fully operational following the recent grid connection of the 10.7MW Hunters Race asset in West Sussex.
• The Company confirms its intent to deliver a target dividend of 6p per ordinary share in respect of its first financial year with the maiden interim dividend to be announced in August 2014.
• The Company maintains the lowest risk approach to the sector by seeking to avoid blind pool, development, construction and accreditation risk in its acquisition of assets. This deliberate strategy minimises the exposure of its investments to changes in regulation such as the recent accelerated introduction of a cliff-edge deadline in March 2015 for Renewable Obligation Certificate (ROC) projects greater than 5MW.
• The Company, already the largest dedicated UK listed solar investment company, will grow to £250m of assets through the agreed acquisition, when operational, of the Kencot and Bournemouth plants, totalling a further 74MW. These acquisitions will be financed utilising a £100m bank facility previously announced in May 2014. Both assets are expected to become operational later in 2014 and qualify under the 1.4 ROC regime, consistent with the risk profile detailed above.
• The anticipated gearing, being borrowings as a percentage of the Company’s Gross Asset Value, is not expected to exceed 40 per cent at the time of drawdown.
For further information, please contact:
Sarah Cole firstname.lastname@example.org +44 (0)20 3667 8154
Notes to Editors
About Foresight Solar Fund Limited ("The Company" or "FSFL")
FSFL is a Jersey-registered closed-end investment company. The Company invests in ground based UK solar power assets to achieve its objective of providing Shareholders with a sustainable and increasing dividend with the potential for capital growth over the long-term.
The Company raised proceeds of £150m through an initial public offering ("IPO”) of shares on the main market of the London Stock Exchange in October 2013.
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1.2 billion of assets under management. As one of the UK’s leading solar infrastructure investment teams, Foresight funds currently manage over £900 million in 29 separate operating Photovoltaic ("PV”) plants in the UK, the USA and Southern Europe.
In May 2013 Foresight executed an innovative refinancing of its existing UK solar assets through the issue of a £60m London Stock Exchange listed index-linked Solar Bond.
Foresight Group has offices in the UK, the USA and Italy.