Foresight Slr Fnd Ld Foresight Solar Fund Limited : Trading Statement
April 02 2014 - 2:00AM
UK Regulatory
TIDMFSFL
Foresight Solar Fund Limited ("The Company")
Trading Update
-- Agreement to acquire 1.6 ROC, 12MW Spriggs Farm asset (not included in
IPO Prospectus).
-- 80% of IPO proceeds now invested in operational assets, 31% at 2 ROC rate,
49% at 1.6 ROC rate.
-- 93% of IPO proceeds will shortly be invested in operational assets.
Holsworthy (detailed in IPO Prospectus) to be connected as a 1.4 ROC
project, with its price being adjusted to achieve the same return to the
Company.
-- The Company is finalising an acquisition facility as the remaining IPO
proceeds will not extend to the acquisition of any single remaining asset
as detailed in the Prospectus and to allow for the acquisition of further
pipeline assets.
-- The Company confirms its intent to deliver a target dividend of 6p per
ordinary share in respect of its first financial year.
Foresight Solar Fund Limited ("the Company") is pleased to announce that
it has agreed to acquire a 12MW operating asset. The asset, "Spriggs
Farm" is located close to Stansted Airport in Essex and has been
connected to the grid since March 19(th) 2014, thus qualifying for a 1.6
ROC level. Spriggs Farm was not included in the Company's IPO
Prospectus.
At IPO, the Company's GBP150 million of funds were fully allocated to a
portfolio of large scale UK solar assets. The 32.2MW, 2 ROC accredited,
Wymeswold plant has been operational and accruing revenues for the
Company since November 2013. The Company announced on 31(st) March 2014
the operational status of a further 39.6MW acquired from SunEdison and
eligible for 1.6 ROCs.
The fourth SunEdison asset detailed in the Company's IPO Prospectus
(Pitworthy "Holsworthy SPV") will be connected shortly and thus will
qualify for 1.4 ROCs, the purchase price for this asset will be adjusted
to achieve the same return to the Company.
The Company is finalising an acquisition facility as the remaining IPO
proceeds will not extend to the acquisition of any single remaining
asset as detailed in the Prospectus and to allow for the acquisition of
further pipeline assets. The remaining assets detailed in the Company's
IPO Prospectus will each be acquired as 1.4 ROC assets with their
acquisition prices being adjusted accordingly.
The Company continues to see a strong availability of assets becoming
available for acquisition and expects to double its operational capacity
in the coming 12 months.
The Company confirms 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.
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 2013 Foresight executed a refinancing of its UK solar portfolio at
that time 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#1773594
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