Foresight Slr Fnd Ld Foresight Solar Fund Limited : Trading Statement
March 31 2014 - 2:01AM
UK Regulatory
TIDMFSFL
Foresight Solar Fund Limited ("The Company")
Additional 39.6MW of solar power plants now connected to the grid and
operational
-- The Company's 17.8MW Castle Eaton (Swindon SPV), 12.2MW Highfields
(Chelmsford SPV) and 9.6MW High Penn (Calne SPV) solar power plants all
connected to the grid and operational.
-- In line with all other portfolio assets and its overall low risk strategy,
the Company did not take the construction risk in concluding these
projects.
-- The Company's GBP150m of funds were 100% committed at IPO.
-- Further announcements expected shortly.
Foresight Solar Fund Limited ("the Company") is pleased to announce that
the 17.8MW Castle Eaton (Swindon SPV), the 12.2MW Highfields (Chelmsford
SPV) and the 9.6MW High Penn (Calne SPV) assets are each now grid
connected and producing electricity.
All three plants were identified in the Company's IPO Prospectus as part
of the "Committed Portfolio" with legally binding contracts in place for
their acquisition subject to certain conditions being met by the
developer of the plants. These included the plants being built to the
required standard and their successful connections to the grid.
All three plants have been acquired from SunEdison. They were acquired
for considerations of GBP22.6m, GBP15.8m and GBP12.6m respectively.
At IPO, the Company's GBP150 million funds were fully allocated to a
"Committed Portfolio" of large scale UK solar assets which included a
total of 55MW to be acquired from SunEdison. The 32MW Wymeswold plant
has been operational and accruing revenues for the Company since
November 2013.
The Company continues to confirm 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 to sustain the NAV, offering the potential for further capital
growth.
Further announcements are expected 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
invests in 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 GBP150m 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 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 27 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 GBP60m 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#1772762
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