Foresight Slr Fnd Ld Foresight Solar Fund Limited : Completion Of Acquisition
November 11 2013 - 10:16AM
UK Regulatory
TIDMFSFL
11 November 2013
Foresight Solar Fund Limited
Completion of the acquisition of Wymeswold Solar Power Plant
Foresight Solar Fund Limited ("Foresight Solar Fund" or the "Company")
is pleased to report it has completed the acquisition of the 32.2 MW
Wymeswold solar power plant, the UK's largest operating solar power
plant, for a net consideration of GBP43.7m (excluding cash and accrued
revenues of GBP1.3m).
The Wymeswold plant is located on a disused WWII airfield of
approximately 78 hectares in Leicestershire. As the plant was connected
to the grid in March 2013, it received ROC Accreditation at the rate of
2.0 ROCs/MWh and has been generating revenues from this date.
The Wymeswold plant along with the other Committed and Exclusive Assets
shown in the recent Prospectus will be financed from the IPO proceeds
raised last month together with the acquisition facility. These
investments by the Company will provide shareholders with a sustainable
and increasing dividend with the potential for capital growth over the
long term. The Company intends to pay an initial annual dividend of 6p
per Ordinary Share from the year commencing 1 January 2014.
Commenting on today's announcement, Ricardo Pineiro, Senior Investment
Manager at Foresight said:
"Completing the acquisition of the Wymeswold solar power plant, the
biggest operational plant in the UK, means that 30% of the IPO proceeds
are now generating cashflow for the Company. The promising outlook for
the UK solar sector, the quality of the underlying assets and
Foresight's solar track record, provide investors with an attractive
opportunity to secure an increasing yield and the potential for capital
growth. "
Enquiries
Foresight Group
01732 471 800
Ben Thompson
Citigate Dewe Rogerson
020 7638 9571
Chris Gardner
Notes to Editors
Foresight Group was established in 1984 and is now the investment
manager to 16 investment funds including five venture capital trusts
whose shares are listed on the Official List of the UK Listing Authority
and traded on the main market of the London Stock Exchange and is
responsible for the largest listed solar bond issued in the UK.
Foresight Group's assets under management are currently GBP1bn. The
group has offices in the United States and Italy as well as in the UK.
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Foresight Solar Fund Limited via Thomson Reuters ONE
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