Foresight Solar Fund Limited ("The Company”) - Trading Update
Binding contract now in place to acquire a 37.3MW solar power plant
Brings the Company’s total committed assets to 185MW, of which 100MW is already operational and generating revenues for the Company
The Company confirms its intent to deliver a target dividend of 6p per ordinary share in respect of its first financial year.
Foresight Solar Fund Limited ("the Company") is pleased to announce that it has signed a binding contract to acquire the 37.3MW Bournemouth solar power plant. The plant is expected to be connected later this year and will be eligible for the 1.4 ROC rate. Following the acquisition of Bournemouth, the Company will own and manage three of the UK’s largest solar power plants.
The acquisition is subject to certain conditions being met by the developer of the plants, including the plant being built to the required standard, its successful connection to the grid and Ofgem ROC accreditation. The Company, in line with its low risk strategy, will not take construction risk for the project.
In total the Company now manages an operational portfolio of 100MW of UK solar assets and has binding contracts in place to acquire a further 85MW.
The Company announced earlier this week that it had reached financial close on a £100m debt acquisition facility to fund additional operational solar power plant acquisitions. The facility will be provided by RBC, RBS and Santander and it is expected that the facility will be repaid through utilisation of excess dividend cover, further equity issuance and/or refinancing with a long-term debt facility.
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.
For further information, please contact:
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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.
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.