Foresight Solar Fund Limited ("the Company") is pleased to announce that it has signed a binding contract to acquire the 46MWp Landmead asset, the largest solar farm in the UK to date.
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Binding contract now in place to acquire a 46MWp UK solar farm, the largest solar farm in the UK to date
Brings the Company’s total committed assets to 231MWp, of which 185MWp is already operational and generating revenues for the Company
The solar farm is located in East Hanney, Oxfordshire and is currently under construction. It is expected to be grid-connected later this month and will thus be eligible for the 1.4 ROC rate. Following the acquisition of Landmead, the Company will own and manage four of the UK’s largest solar farms.
The acquisition is subject to certain conditions being met by the developer of the plant, including the solar farm being built to the required standard and its successful connection to the grid. The Company, in line with its low risk strategy, will not take construction risk for the project.
In total the Company currently manages an operational portfolio of 185MWp of UK solar assets and this acquisition will increase capacity to 231MWp, the largest operating solar portfolio amongst the listed peer group.
The Company recently announced £60 million of gross proceeds had been raised in its Initial Placing and Offer, and this will be used together with existing debt facilities to complete the announced acquisitions of Kencot (37.3MWp), Bournemouth (37.2MWp) and Landmead (46MWp). It is expected that the existing acquisition facility will be repaid through a combination of the utilisation of further new equity issuance in early 2015 and/or refinancing with a long-term debt facility.
For further information, please contact:
|Elena Palasmithfirstname.lastname@example.org||+44 (0)20 3667 8129|
|+44 (0)20 7710 7600|
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 over £1.3 billion of assets under management. As one of the UK’s leading solar infrastructure investment teams Foresight funds currently manage over £930 million in 34 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.