Trading Update: Foresight Solar Fund Limited ("The Company”)
Additional 39.6MW of solar power plants now connected to the grid and operational
The Company’s 17.8MW Castle Eaton (Swindon SPV), 12.2MW Highfields (Chelmsford SPV) and 9.6MW High Penn (Calne SPV) solar power plants all connected to the grid and operational.
In line with all other portfolio assets and its overall low risk strategy, the Company did not take the construction risk in concluding these projects.
The Company’s £150m of funds were 100% committed at IPO.
Further announcements expected shortly.
To read or print the announcement from pdf.
Foresight Solar Fund Limited ("the Company") is pleased to announce that the 17.8MW Castle Eaton (Swindon SPV), the 12.2MW Highfields (Chelmsford SPV) and the 9.6MW High Penn (Calne SPV) assets are each now grid connected and producing electricity.
All three plants were identified in the Company’s IPO Prospectus as part of the "Committed Portfolio” with legally binding contracts in place for their acquisition subject to certain conditions being met by the developer of the plants. These included the plants being built to the required standard and their successful connections to the grid.
All three plants have been acquired from SunEdison. They were acquired for considerations of £22.6m, £15.8m and £12.6m respectively.
At IPO, the Company’s £150 million funds were fully allocated to a "Committed Portfolio” of large scale UK solar assets which included a total of 55MW to be acquired from SunEdison. The 32MW Wymeswold plant has been operational and accruing revenues for the Company since November 2013.
The Company continues to confirm its intent to deliver a target dividend of 6p per ordinary share in respect of its first financial year, rising annually with RPI thereafter, and enabling the Company to support its strategy to sustain the NAV, offering the potential for further capital growth.
Further announcements are expected shortly.
For further information, please contact:
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 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.
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1 billion of assets under management. As one of the UK’s leading solar infrastructure investment teams Foresight funds currently manage over £650 million in 27 separate operating Photovoltaic ("PV”) plants in the UK, the USA, Italy and Spain.
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.