FSFL Foresight Solar Fund Limited

 
TIDMFSFL 
 
 
   10 July 2014 
 
   Foresight Solar Fund Limited ("FSFL") 
 
   NAV Update & Trading Update 
 
 
 
   NAV UPDATE AS AT 30 JUNE 2014 
 
 
   -- The Company is pleased to report that its unaudited Net Asset Value (NAV) 
      increased from GBP148.6m to GBP155.43m as at June 30 2014 equivalent to 
      an NAV per ordinary share of 103.62p, an increase of 4.52p from 31 March 
      2014. 
 
 
 
 
   OPERATIONAL STATUS 
 
 
   -- The Company's 111MW, seven asset UK solar portfolio is fully operational 
      following the recent grid connection of the 10.7MW Hunters Race asset in 
      West Sussex. 
 
 
 
 
   DIVIDEND 
 
 
   -- The Company confirms its intent to deliver a target dividend of 6p per 
      ordinary share in respect of its first financial year with the maiden 
      interim dividend to be announced in August 2014. 
 
 
   RISK PROFILE 
 
 
   -- The Company maintains the lowest risk approach to the sector by seeking 
      to avoid blind pool, development, construction and accreditation risk in 
      its acquisition of assets. This deliberate strategy minimises the 
      exposure of our investments to changes in regulation such as the recent 
      accelerated introduction of a cliff-edge deadline in March 2015 for 
      Renewable Obligation Certificate (ROC) projects greater than 5MWs. 
 
 
 
 
   SCALE 
 
 
   -- The Company, already the largest dedicated UK listed solar investment 
      company, will grow to GBP250m of assets through the agreed acquisition, 
      when operational, of the Kencot and Bournemouth plants, totalling a 
      further 74MW. These acquisitions will be financed utilising a GBP100m 
      bank facility previously announced in May 2014. Both assets are expected 
      to become operational later in 2014 and qualify under the 1.4 ROC regime, 
      consistent with the risk profile detailed above. 
 
   -- The anticipated gearing, being borrowings as a percentage of the 
      Company's Gross Asset Value, is not expected to exceed 40 per cent at the 
      time of drawdown. 
 
 
   ENDS 
 
 
 
 
   For further information 
 
   Sarah Cole                              scole@foresightgroup.eu                       0203 667 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 GBP1.2 billion of assets under management. As one of the UK's 
leading solar infrastructure investment teams Foresight funds currently 
manage over GBP900 million in 29 separate operating Photovoltaic ("PV") 
plants in the UK, the USA and Southern Europe. 
 
   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. 
 
   http://www.foresightgroup.eu/ 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#1819952 
 
 
 
 

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