Foresight Solar Fund Limited ("The Company”) - Trading Update
- Agreement to acquire 1.6 ROC, 12MW Spriggs Farm asset (not included in IPO Prospectus).
- 80% of IPO proceeds now invested in operational assets, 31% at 2 ROC rate, 49% at 1.6 ROC rate.
- 93% of IPO proceeds will shortly be invested in operational assets. Holsworthy (detailed in IPO Prospectus) to be connected as a 1.4 ROC project, with its price being adjusted to achieve the same return to the Company.
- The Company is finalising an acquisition facility as the remaining IPO proceeds will not extend to the acquisition of any single remaining asset as detailed in the Prospectus and to allow for the acquisition of further pipeline assets.
- 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 agreed to acquire a 12MW operating asset. The asset, "Spriggs Farm” is located close to Stansted Airport in Essex and has been connected to the grid since March 19th 2014, thus qualifying for a 1.6 ROC level. Spriggs Farm was not included in the Company’s IPO Prospectus.
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Notes to Editors
The Company raised proceeds of £150m through an initial public offering ("IPO”) of shares in 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 2013 Foresight executed a refinancing of its UK solar portfolio at that time 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.