Foresight Solar Fund Limited ("The Company”) is pleased to confirm the refinancing of its acquisition facility which has also been extended from £100m to £120m. The facility has been refinanced through RBS and Santander at preferential terms against the original facility as below.
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This facility will be drawn to fund future operational UK solar power plant acquisitions. It is expected that the facility will be repaid through utilisation of further equity issuance under the £200m Placing Programme which remains open until September 2015 and which has already raised £96.2m, and/or refinancing with a long-term debt facility.
In addition, the Company is pleased to announce a 2.2MWp extension to its Wymeswold plant in Leicestershire at a total cost of £1.8 million. Wymeswold was the first operational plant acquired by the Company in November 2013 at 32.2MWp with a ROC accreditation of 2.0ROCs, having been connected to the grid in March 2013. This 2.2MWp extension represents a 7% increase in capacity at the plant, bringing it up to 34.4MWp, and has been connected to the grid before the 31 March 2015 deadline for 1.4ROC accreditation. This 2.2MWp extension at 1.4ROCs does not affect the 2.0ROC accreditation obtained for the initial 32.2MWp of installed capacity.
For further information, please contact:
Ben Thompson firstname.lastname@example.org +44 (0)20 3667 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 50 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.