Foresight Slr Fnd Ld Foresight Solar Fund To Acquire 10.7mw Solar Power Plant
February 06 2014 - 2:01AM
UK Regulatory
TIDMFSFL
Foresight Solar Fund Limited to acquire
10.7MW Hunters Race solar power plant
-- Binding contracts now in place to acquire a 10.7MW solar power plant
-- Brings the Company's total committed assets to 137.4MW, of which 32MW is
already operational and generating revenues for the Company
-- Grid connection of existing assets imminent
-- The Company's GBP150m of funds were 100% committed at IPO
Foresight Solar Fund Limited ("the Company") is pleased to announce that
it has entered into a binding contract to acquire its seventh
large-scale solar plant, the 10.7MW Hunters Race plant.
The Hunters Race plant was identified in the Company's IPO Prospectus as
an "Exclusive Portfolio" asset under exclusivity, without legally
binding contracts in place. This announcement marks the change in status
such that the plant, with a generating capacity of 10.7MW, is expected
to be connected to the grid and fully operational before the end of
March 2014 and accruing revenues for the Company from that point. In
line with previous acquisitions, the Company will not be taking
construction risk which is a fundamental part of its low risk strategy.
The newly acquired plant is located on low-grade agricultural farmland
of approximately 12.4 hectares on what was formerly a quarry in West
Sussex.
At IPO, the Company's GBP150 million funds were fully allocated to a
"Committed Portfolio" of six large scale UK solar assets. Two further
plants from the "Committed Portfolio", Castle Eaton (Swindon SPV) and
High Penn (Calne SPV), together totalling 28MW, are expected to be grid
connected shortly, bringing the cumulative total invested in operational
and revenue generating assets to more than 60MW or more than 50% of the
Company's assets.
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 further capital growth.
Jamie Richards, Partner and Head of Infrastructure at Foresight said:
"We are pleased to have binding contracts in place to acquire the
Hunters Race plant. We remain on target to have the Foresight Solar
Fund portfolio fully operational by the end of March. The promising
outlook for the UK solar sector, the quality of the underlying assets
and Foresight's track record in the sector continues to provide
investors with an attractive opportunity to secure valuable
inflation-linked yield and the potential for capital growth."
The Company expects to make further announcements shortly
ENDS
For further information
Sarah Cole scole@foresightgroup.eu
01732 471 863
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 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 GBP150 million through an initial public
offering ("IPO") of shares on the main market of the London Stock
Exchange in October 2013.
www.foresightsolarfund.co.uk
About Foresight Group
Foresight Group was established in 1984 and today is a leading
independent infrastructure and private equity investment manager with
over GBP1 billion of assets under management. As one of the UK's leading
solar infrastructure investment teams Foresight funds currently manage
over GBP650 million in 22 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 GBP60 million London Stock
Exchange listed index-linked Solar Bond.
Foresight Group has offices in the UK, the 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#1759497
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