Foresight Slr Fnd Ld Foresight Solar Fund Limited : Trading Statement
May 22 2014 - 2:02AM
UK Regulatory
TIDMFSFL
Foresight Solar Fund Limited ("The Company")
Trading Update
Foresight Solar Fund Limited ("the Company") is pleased to announce that
it has entered into a binding contract to acquire its ninth large-scale
UK solar power plant, the 37.3MW Bournemouth plant
-- Binding contract now in place to acquire a 37.3MW solar power plant
-- Brings the Company's total committed assets to 185MW, of which 100MW is
already operational and generating revenues for the Company
-- 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 signed a binding contract to acquire the 37.3MW Bournemouth solar
power plant. The plant is expected to be connected later this year and
will be eligible for the 1.4 ROC rate. Following the acquisition of
Bournemouth, the Company will own and manage three of the UK's largest
solar power plants.
The acquisition is subject to certain conditions being met by the plant
developer, including a plant being built to the required standard, its
successful connection to the grid and Ofgem ROC accreditation. The
Company, in line with its low risk strategy, will not take construction
risk for the project.
In total the Company now manages an operational portfolio of 100MW of UK
solar assets and has binding contracts in place to acquire a further
85MW.
The Company announced earlier this week that it had reached financial
close on a GBP100m debt acquisition facility to fund additional
operational solar power plant acquisitions. The facility will be
provided by RBC, RBS and Santander and it is expected that the facility
will be repaid through utilisation of excess dividend cover, further
equity issuance and/or refinancing with a long-term debt facility.
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.
ENDS
For further information
Sarah Cole scole@foresightgroup.eu 020 3667 8154
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#1787830
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