Foresight Solar Fund Limited - Completion of the acquisition of Wymeswold Solar Power Plant
11 November 2013
Foresight Solar Fund Limited
Completion of the acquisition of Wymeswold Solar Power Plant
Foresight Solar Fund Limited ("Foresight Solar Fund" or the "Company") is pleased to report it has completed the acquisition of the 32.2 MW Wymeswold solar power plant, the UK’s largest operating solar power plant, for a net consideration of £43.7m (excluding cash and accrued revenues of £1.3m)
The Wymeswold plant is located on a disused WWII airfield of approximately 78 hectares in Leicestershire. As the plant was connected to the grid in March 2013, it received ROC Accreditation at the rate of 2.0 ROCs/MWh and has been generating revenues from this date.
The Wymeswold plant along with the other Committed and Exclusive Assets shown in the recent Prospectus will be financed from the IPO proceeds raised last month together with the acquisition facility. These investments by the Company will provide shareholders with a sustainable and increasing dividend with the potential for capital growth over the long term. The Company intends to pay an initial annual dividend of 6p per Ordinary Share from the year commencing 1 January 2014.
Commenting on today's announcement, Ricardo Pineiro, Senior Investment Manager at Foresight said:
"Completing the acquisition of the Wymeswold solar power plant, the biggest operational plant in the UK, means that 30% of the IPO proceeds are now generating cashflow for the Company. The promising outlook for the UK solar sector, the quality of the underlying assets and Foresight’s solar track record, provide investors with an attractive opportunity to secure an increasing yield and the potential for capital growth. ”
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Notes to Editors
Foresight Group was established in 1984 and is now the investment manager to 16 investment funds including five venture capital trusts whose shares are listed on the Official List of the UK Listing Authority and traded on the main market of the London Stock Exchange and is responsible for the largest listed solar bond issued in the UK. Foresight Group's assets under management are currently £1bn. The group has offices in the United States and Italy as well as in the UK.