TIDMFSFL 
 
 
   Foresight Solar Fund Limited ("FSFL") 
 
   Interim Management Statement for the Quarter Ended 31 March 2014 
 
   Foresight Solar Fund Limited ("FSFL" or the "Company"), the listed 
Renewable Infrastructure Fund investing solely in operational UK Solar 
plants hereby presents its second  Interim Management Statement ("IMS") 
in accordance with the UK Listing Authority's Disclosure and 
Transparency Rule 4.3 and in respect of the Company's first financial 
year ending 31 December 2014. 
 
   This statement relates to the period from 1 January 2014 to 31 March 
2014. 
 
   Unless otherwise noted, the financial information provided in this IMS 
is unaudited. 
 
   Highlights 
 
 
   -- Net Asset Value (NAV) increased from GBP147.2m to GBP148.6m as at 31 
      March 2014, taking the NAV per ordinary share to 99.1p, an increase of 1p 
      from 31 December 2013. 
 
   -- 52MW of the Company's projects were confirmed as operational prior to the 
      1.6 ROC deadline on 1 April 2014. 
 
   -- In total the Company has now invested 88% of its net IPO proceeds in 100 
      MW of operational UK solar assets. 
 
   -- 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. 
 
 
   Operational Assets 
 
 
   -- The 32MW, 2 ROC accredited, Wymeswold plant has been operational and 
      accruing revenues for the Company since November 2013. 
 
   -- The Company announced on 31 March 2014 the operational status of three of 
      the four SunEdison assets identified in the Prospectus, adding a further 
      40MW of 1.6 ROC eligible assets to the Fund portfolio. 
 
   -- Most recently on 23 April 2014 the Company announced the operational 
      status of the fourth and final SunEdison asset, the 16MW Pitworthy plant, 
      eligible for 1.4 ROCs. 
 
   -- The Company retains a 100% interest in each of the portfolio assets 
 
 
   Acquisitions 
 
 
   -- The Company announced on 13 February 2014 that it had entered into a 
      binding sale and purchase agreement for the acquisition of the 10.7MW 
      Hunter's Race project which is expected to become operational later this 
      year as a 1.4 ROC asset which will result in c.100% of net IPO proceeds 
      being invested. 
 
   -- Subsequent to the end of the period the Company announced on 2 April 2014 
      the acquisition of a further project, the 12MW Spriggs Farm 1.6 ROC 
      eligible asset. 
 
   -- Consistent with its investment strategy, the Company did not take 
      construction risk in the acquisition of any of the portfolio assets. 
 
 
 
 
 
   Outlook and Pipeline of Future Acquisitions 
 
 
   -- As described in the IPO Prospectus the Company has in-principle agreement 
      for the provision of an acquisition facility of up to GBP100million. This 
      facility may be drawn to fund future acquisitions by the Company and will 
      be repaid through utilisation of one or more of excess dividend cover, 
      further equity issuance and/or refinancing with a long-term debt 
      facility. 
 
   -- The Company continues to see a strong pipeline of assets becoming 
      available for acquisition and expects to double its operational capacity 
      in the coming 12 months. 
 
   -- The Company will not progress the Deptford Farm asset, the smallest of 
      the "Exclusive" assets identified in the IPO Prospectus, to a binding 
      sale and purchase status. 
 
   -- The 37MW Kencot power plant in Oxfordshire described in the IPO 
      Prospectus is now being construction financed by RWE and is expected to 
      become operational later this year qualifying under the 1.4 ROC rate at 
      which point it will be acquired by the Company. 
 
 
 
 
   Financial Information 
 
   As at 31 March 2014, the unaudited net asset value ("NAV") per ordinary 
share was 99.1p (31 December 2013: 98.1p). 
 
   150,000,000 ordinary shares were issued at IPO. No further shares were 
issued in the period or repurchased for cancellation. 
 
   The net assets at 31 March 2014 comprised the following: 
 
 
 
 
Ordinary Shares                      GBP'000  % of Net Assets 
Unquoted Investments at fair value    46,036             31.0 
Quoted investments at bid price            0              0.0 
Total Solar investments               46,036             31.0 
Cash & liquid investments            103,209             69.4 
Current liabilities                    (632)            (0.4) 
Market Capitalisation                148,613            100.0 
 
 
   For further information please contact: 
 
   Gary Fraser or Sarah Cole at Foresight Group: 
01732 471 800 
 
   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 UK 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#1783217
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