Foresight Solar Fund Limited : NAV and Dividend Announcement

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Q1 2016 Net Asset Value
Foresight Solar Fund Limited ("FSFL” or the "Company”) announces its unaudited Net Asset Value ("NAV”) as at 30 March 2016 as £277. 1 million, resulting in a NAV per share of 98.3 pence (31 December 2015: 99.0 pence). This includes the impact of a further downward revision of the Company’s power price forecasts during the period. The Company continues to adopt an equity discount rate of 7.5%. No acquisitions were made during the period reflecting the Company’s prudent approach to acquisitions and avoiding levels of pricing that could have been dilutive to shareholders.
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Following the recent closing of the long-term refinancing, and assuming an illustrative long-term gearing level of 25%, the Company’s Weighted Average Cost of Capital ("WACC”) is 6.6%. For illustrative purposes, if the Company were to adopt the WACC valuation methodology, the NAV would increase to £310.7 million or 110.3 pence per share.
Dividend Announcement
The Company is pleased to announce that the first Quarterly dividend of 1.54 pence per share was approved by the Directors and will be paid on 24 June 2016. The Company remains on target to deliver a dividend of 6.17 pence for the financial year ended 31 December 2016.
Dividend Timetable
Ex-dividend Date9 June 2016
Record Date10 June 2016
Payment Date24 June 2016
SunEdison Files for Chapter 11
On 21 April 2016, SunEdison Inc. and its related entities (together "SunEdison”) filed for creditor protection under Chapter 11 (reorganisation) of Title 11 of the US Bankruptcy Code. Chapter 11 filing is not expected to affect the Company’s present operations at this stage. SunEdison provides services to 55MW of FSFL’s 338MW portfolio, representing 16% of the total installed capacity. The Company continues to monitor SunEdison’s performance and its corporate situation closely and it should be noted that the claims against SunEdison disclosed in the Company’s Annual Accounts have now been settled.
Foresight Group
Elena Palasmith +44 (0)20 3667 8100
Stifel Nicolaus Europe Limited
Mark Bloomfield+44 (0)20 7710 7600
Neil Winward
Tunga Chigovanyika
J.P. Morgan Cazenove
William Simmonds +44 (0)20 7742 4000