FSFL 2016 Interim Accounts - RNS announcement

  • Net Asset Value ("NAV”) increased from £279.1 million as at 31 December 2015 to £279.8 million as at 30 June 2016, taking the NAV per Ordinary Share to 99.3 pence (31 December 2015: 99.0 pence).
  • Equity discount rate remains unchanged at 7.5%.
  • The Company reached Financial Close on a £160 million long-term debt facility at attractive terms compared to other similar facilities closed within the renewable sector during the period. The facility wholly refinanced the Company's £150 million short-term acquisition facility previously in place.
  • In addition, the Company has entered into a new, short-term revolving acquisition facility of £40 million with Santander. The short-term facility will provide the Company with the flexibility to take advantage of future pipeline opportunities.
  • Having delivered the target dividend of 6.10 pence for the year to 31 December 2015, the first interim dividend of 1.54 pence per share was paid on 24 June 2016. The Company has paid all seven target dividends to date and remains on target to deliver a dividend of 6.17 pence for the financial year ended 31 December 2016.
  • The 16 asset, 338MW portfolio is fully operational and accredited following the 30MW Copley asset successfully qualifying for 1.3 Renewable Obligation Certificate ("ROC”) banding.
  • Performance of the assets for the period was below the expectations of the Investment Manager due to a grid outage at the Bournemouth site and other isolated, non-recurring incidents. Energy generated from the portfolio amounted to 163.9 Gigawatt Hours ("GWh”), resulting in revenue of £8.6 million across the Company’s portfolio, excluding compensation expected from insurable events and contracted liquidated damages.
  • Reported profit after tax for the period was £9.3 million and earnings per share of 3.30 pence.
  • The Company continued the asset optimisation process having entered a five-year Power Purchase Agreement for 15 of the 16 assets in the portfolio following a wide tender process. The agreement represented a significant improvement in passthrough rates and embedded benefit prices.
  • The Company has identified an attractive pipeline of 200MW which will support the growth of the Fund over the next 12 months, including several secondary opportunities which it expects to complete before year end.

To view or print this RNS announcement from a pdf click here 

Dividend Timetable 

Ex Dividend Date 15 September 2016
Record Date 16 September 2016
Payment Date 30 September 2016

Key Metrics

Net Asset Value
£279.8 million
Dividends per Share declared for the period
3.08 pence
NAV per Share
99.3 pence
Gross Asset Value
£445.4 million
Share Price
96.0 pence
Total NAV Return*
Market Capitalisation
£270.5 million
Number of Shares with Voting Rights
Total Shareholder Return* 3.54%

 * Annualised from IPO and calculated in line with AIC methodology, which does not include dividends approved but not paid.

Commenting on today's results, Alexander Ohlsson, Chairman of Foresight Solar Fund Limited said:
"The Board is pleased with the progress made by the Company over the period. In a challenging regulatory and trading environment, the Company has taken a prudent approach to acquisitions and focused on the consolidation and optimisation of the portfolio. This has resulted in significant improvements to the commercial terms of many of the Company’s contracts and subsequent cost reductions across the portfolio. The Board is particularly pleased with the attractive terms that were achieved on the long-term financing strategy implemented in March, especially when compared to similar facilities closed in the renewable sector during the period. This highlights the value that can be created from the experience of the Investment Manager, and further underpin returns to investors.
The Company has achieved all seven target dividends to date and is on track to deliver a 6.17 pence dividend for the year ended 31 December 2016. The 16 asset portfolio is now fully operational and accredited and generating revenue for the benefit of the Company’s Shareholders.
We believe the UK solar sector remains attractive, particularly given the emergence of an active UK secondary market and the recent recovery in UK wholesale power prices. The Investment Manager has identified an attractive 200MW pipeline of assets that will support the growth of the Company over the next 12 months, and is actively pursuing several opportunities which it expects to complete before the end of the year.”
A conference call for analysts will be held at 9:00am on Monday 15 August 2016. A presentation will be provided separately on before the call.
A copy of the Report can be found on the Fund’s website.
To register for the call, please contact Eleni Menikou at Citigate Dewe Rogerson at Eleni.Menikou@citigatedr.co.uk, or by phone: +44 (0)20 7282 1086.
For further information, please contact:
Foresight Group
Elena Palasmith epalasmith@foresightgroup.eu +44 (0)20 3667 8100
Stifel Nicolaus Europe Limited
Mark Bloomfield, Neil Winward, Tunga Chigovanyika +44 (0)20 7710 7600
J.P. Morgan Cazenove
William Simmonds +44 (0)20 7742 4000
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, and a further £60.1m through an Initial Placing and Offer for Subscription in October 2014.
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with c. £1.8 billion of assets under management. As one of the UK's leading solar infrastructure investment teams Foresight funds currently manage c. £1.1 billion in over 70 separate operating Photovoltaic ("PV") plants in the UK, the USA and southern Europe.
Foresight Group has offices in London, Guernsey, Nottingham, Manchester, Rome, Sydney and San Francisco.


Restricted Disclaimer


Before accessing this website you must confirm you meet the below criteria and are happy to proceed based on the information provided. If you are not able to make this confirmation you must not proceed any further and should decline to accept these terms.



The information contained within this website is issued by Foresight Solar Fund Limited in good faith and is provided for reference purposes only. Nothing herein is intended to be construed as an offer, invitation or inducement to engage in investment activity, or investment advice or recommendation, in relation to the shares of Foresight Solar Fund Limited (or any other entity), and should not be relied upon as such by any person. For the avoidance of doubt, the information provided in this website does not constitute advice or personal recommendation. If you are unsure about the meaning of any information provided on this website, please consult your financial or other professional adviser. Foresight Solar Fund Limited, Foresight Group LLP and Foresight Group CI Limited cannot and do not offer investment advice.

Prospective investors in Foresight Solar Fund Limited should carefully read the terms and conditions of any current legal documents, as well as all other documents that may be required on the basis of local provisions of law and regulations, before making any investment decision. Prospective investors should be aware that this website may not provide all the information which is necessary or desirable to make an investment decision and should undertake their own due diligence. Where relevant, a Prospectus will be prepared and it shall contain more complete information about the shares and should be read carefully before investing. A detailed study of the legal information and indications of risk contained within any Prospectus is of particular importance. Investment decisions should not be made on the basis of information on this website only.

It is recommended that persons take advice from their financial or other professional advisers before making any investment decision.

Nothing on this website is directed at any person outside the UK where the publication or availability of such information is prohibited or restricted. The information contained herein and on the pages that follow does not constitute an offer to purchase securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. In particular it should be noted that the ordinary shares of Foresight Solar Fund Limited have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and Foresight Solar Fund Limited has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940 (the "Investment Company Act"). Accordingly, the ordinary shares of Foresight Solar Fund Limited may not be offered, sold, resold, pledged, distributed or otherwise transferred or delivered into or within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of Foresight Solar Fund Limited under the Investment Company Act. There will be no offer of the ordinary shares of Foresight Solar Fund Limited in the United States.

If you are accessing this website from the Republic of South Africa, (or any person for whom you are acting) is in South Africa, you hereby confirm that you (and any such person) are included in the categories of persons pertaining to "offers that are not offers to the public" as contained in section 96(1) of the South African Companies Act.

This website should not be considered to be an invitation or inducement to engage in investment activity. Regardless, the information contained on the pages that follow is directed only at persons outside the United Kingdom to whom it is lawful to communicate to and/or persons within the UK who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended), or (ii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended); provided that in the case of persons falling into categories (i) or (ii), the communication is only directed at persons who are also "qualified investors" as defined in section 86 of the Financial Services and Markets Act 2000 (each a "Relevant Person"). Any investment or investment activity to which the information contained on the pages that follow relates is available only to and will be engaged in only with such Relevant Persons. Persons within the United Kingdom (other than persons falling within (i) and (ii) above) should not rely on or act upon the information contained on the pages that follow.

The information on this website is subject to copyright with all rights. It must not be reproduced, copied or redistributed in whole or in part. Third party links or other external websites accessed via this website will not have been developed or otherwise reviewed by Foresight Solar Fund Limited, Foresight Group LLP or Foresight Group CI Limited, and none of these  entities is responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in this website.

If you are not permitted to view any Prospectus and/or other materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this webpage.

General Risk Warning:

Please remember that past performance of an investment is not necessarily a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The market value of the shares of Foresight Solar Fund Limited may not reflect the underlying net asset value of the investments held by Foresight Solar Fund Limited. Foresight Solar Fund Limited is able to borrow to raise further funds for investment purposes if the fund manager and the board of directors consider that it may be commercially advantageous to do so. This is generally described as "gearing". An investment fund which has made investments as a result of gearing may have a more volatile share price as a result; gearing can increase shareholder returns in rising markets but conversely can increase the extent to which the value of the funds attributable to shareholders decreases in falling markets. Tax assumptions may change if the law changes and the value of tax relief (if any) will depend upon your individual circumstances. Investors should consult their own tax advisers in order to understand any applicable tax consequences.

The information on the pages that follow may contain forward looking statements.  Any statement other than a statement of historical fact is a forward looking statement.  Actual results may differ materially from those expressed or implied by any forward looking statement.  Foresight Solar Fund Limited does not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future events, or otherwise.  You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

Nothing in this website should be construed as investment, tax, legal, or other advice, nor is it to be relied upon in making an investment decision. Those accessing the website should consult their financial advisers regarding the suitability of any of the products referred to on this website. 


Foresight Solar Fund Limited believes that the information displayed on this website is accurate as at the date of publication, but we do not warrant or guarantee the accuracy, completeness or currentness of any information (including any opinions or projections). To the fullest extent permitted by law Foresight Solar Fund Limited and its directors, advisers or representatives shall not have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this website or its contents or otherwise arising in connection with this website. Further, the information displayed may be amended at any time and without notice. By continuing to use this website, you agree to the exclusion by us, to the extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to your use of and our provision of this website and its content. Reference in this website and/or the materials to any hypertext link, product, process, or service does not imply Foresight Solar Fund Limited’s support for, or endorsement or recommendation of the provider thereof or the product, process, or service to which reference is made. Foresight Solar Fund Limited's website may contain hypertext links to other websites, resources, or other third parties.  Foresight Solar Fund Limited is not responsible for the availability of, and accepts no liability in relation to, these external websites or their contents.  Foresight Solar Fund Limited is not a sponsor, partner, promoter, or publisher of any such website.

By proceeding, you are representing that you have understood and accepted the terms, conditions and restrictions noted herein. You also (i) agree that such information will apply to any subsequent access to the website, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein and (ii) warrant that no other person will access this website from the same computer and logon as you are currently using.

Enforcement of terms and conditions

These terms and conditions are governed and interpreted pursuant to the laws of England and Wales. If any part of these terms and conditions is deemed unlawful, void or unenforceable, that part will be deemed severable and will not affect the validity and enforceability of the remaining provisions. None of these terms and conditions are enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to its terms.

If you are dissatisfied with any aspect of this website, or of its contents, your sole and exclusive remedy is to discontinue use of this website.