Foresight Solar Fund Limited ("The Company”) is pleased to announce that the acquisition of its 37MW Kencot asset, located on a disused airfield in Oxfordshire, has reached final completion.
The plant was connected to the Grid in September 2014 and has received Renewable Obligation Certificate ("ROC”) Accreditation at the rate of 1.4 ROCs/MWh. The Company has the contractual right to all revenue generated by Kencot since the start of its operations in September 2014.
All ten assets in the Company’s 231MW portfolio are fully operational and, more critically, have all received ROC accreditation ahead of the 31 March 2015 cliff edge deadline for ROC projects greater than 5MW.
There are several further large project acquisitions currently under consideration by the Company that are part of a significant pipeline of assets under exclusivity. Additional acquisitions will be funded using a combination of the equity proceeds raised in the March 2015 placing, together with borrowings.
Foresight Group, the Company’s investment adviser, now manages £1 billion of solar assets across the UK, US and Southern Europe.
For further information, please contact:
Elena Palasmith firstname.lastname@example.org
+44 (0)203 667 8100
+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. In October 2014, the Company announced a £200m Placing Programme open until September 2015, of which £96.2m has been raised to date.
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 £1 billion in over 45 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 London, Nottingham, Guernsey, Rome and San Francisco.