Foresight Slr Fnd Ld Foresight Solar Fund Limited : Operational Assets Generating Ahead Of Target
January 27 2014 - 2:00AM
UK Regulatory
TIDMFSFL
27 January 2014
Trading Update: Operational assets generating ahead of target
-- The 32MW, 2 ROC Wymeswold plant reports electricity generation
performance of 15% above expectation since November
-- The Company's funds are 100% committed
-- Grid connection of further capacity imminent
Press Release 27 January 2014 : Foresight Solar Fund Limited ("Foresight
Solar Fund" or "the Company") is pleased to announce that Wymeswold, the
UK's largest operational solar plant, at 32 MW and sited on a disused
WWII airfield in Leicestershire, has been generating power at 15% ahead
of expectation for the three months November 2013 - January 2014 (as at
22(nd) ). The fully operational plant, which benefits from 2 ROCs/MWh
having been commissioned before April 2013, was acquired by the Company,
as expected, shortly after IPO in early November 2013.
Two further plants described in the IPO Prospectus, namely, Castle Eaton
(Swindon SPV) and High Penn (Calne SPV), totalling a further 28MW, are
expected to be fully operational and grid connected shortly. The Company
remains on target to have all IPO proceeds invested in grid connected,
operational assets by the end of Q1 2014.
The Company has confirmed 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, unique amongst its solar peer group, to sustain the NAV,
offering the potential for capital growth.
Jamie Richards, Partner and Head of Infrastructure at Foresight said:
"The Wymeswold asset outperformance is good news. 30% of the IPO
proceeds were invested in this fully operational asset shortly after the
IPO and the asset was selected because of its potential to outperform.
We expect to be able to announce that 50% of the Company's assets will
be fully operational shortly, and as described at IPO that 100% of the
Company's assets will be fully operational before the end of Q1 2014. We
remain on target to deliver the 6p dividend per ordinary share. The
promising outlook for the UK solar sector, the quality of the underlying
assets and Foresight's track record in the sector, continue to provide
investors with an attractive opportunity to secure inflation linked
yield and potential for capital growth."
The Company expects to make further announcements shortly
ENDS
For further information
Ben Thompson
Foresight Group bthompson@foresightgroup.eu 01732 471 800
Malcolm Robertson/Chris Gardner Malcolm.Robertson@citigatedr
Citigate Dewe Rogerson .co.uk 0207 282 2867
Notes to Editors
Foresight Group is a leading independent infrastructure and private
equity investment manager which has been managing investment funds on
behalf of institutions and retail clients for almost 30 years. Foresight
today manages institutional funds in Infrastructure, Environmental and
UK small cap Private Equity.
Foresight has GBP1 billion assets under management spread across a
number of funds, including Listed Vehicles, Limited Partnerships,
Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs)
and has one of the UK's leading Infrastructure investment teams.
Foresight's solar funds have invested in more than GBP650 million of
operating PV assets in the UK, USA, Italy and Spain.
In May 2013 Foresight executed an innovative refinancing of its UK solar
assets through the issue of an index-linked Solar Bond, the largest in
the UK to date at GBP60m, listed on the London Stock Exchange, which saw
an immediate increase in target returns for investors of 15%.
In October 2013, Foresight successfully listed the GBP150m Foresight
Solar Fund Limited (ticker FSFL) on the main market of the London Stock
Exchange, attracting backing from more than 65 institutional investors.
Foresight has offices in the UK; USA and Italy.
www.foresightgroup.eu
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Foresight Solar Fund Limited via Globenewswire
HUG#1757144
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