Foresight Group, the leading independent infrastructure and private equity investment manager is pleased to announce that Foresight Solar Fund Limited, the UK solar-focused investment company which floated at £150 million on the main market of the London Stock Exchange in October 2013, has been named a finalist in the 2014 Infrastructure Journal Awards, "Infrastructure Fund of the Year – Energy” category.
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• The Company’s £150m of proceeds raised from its Initial Public Offering ("IPO”) were 100% committed to six assets at the time of listing.
• FSFL completed the 100% equity acquisition of the operational 32.2MW Wymeswold solar power plant for a consideration of £45m on 11th November 2013. The plant qualified for ROC accreditation at the rate of 2.0 ROCs/MWh.
• Subsequent to the end of the period the Company has formally entered into a binding contract to acquire its seventh large scale plant, the 10.7MW Hunters Race asset.
• Consistent with its investment strategy, the Company has not taken construction risk in the acquisition of these assets.
• The Company has acquired a 100% interest in each of the assets.
• The Company continues to expect that all £150m of investments will be grid connected and operational by 31 March 2014.
• In line with the Prospectus the Company intends to pay an initial annual dividend of 6p per Ordinary Share for the year commencing 1 January 2014 and rising annually with RPI thereafter.
The Company expects to make further announcements shortly.
For further information, please contact:
Ben Thompson firstname.lastname@example.org +44 (0)20 3667 8155
Malcolm Robertson email@example.com +44 (0)20 7282 2867
Notes to Editors
About Foresight Solar Fund Limited ("The Company” or "FSFL”)
FSFL is a Jersey-registered closed-end investment company. The Company will invest in a portfolio of operational UK 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 23 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.