TIDMFSFL 
 
 
   FORESIGHT SOLAR FUND LIMITED 
 
   This replaces the announcement released at 7:00am on 27 April 2015. The 
original announcement incorrectly stated the NAV per share as 101.1 
pence as at 31 March 2015. This was due to an error in the NAV per share 
calculation. The total NAV for the portfolio and all other details of 
the announcement remain unchanged. 
 
   Replacement: Interim Management Statement and Dividend Announcement 
 
   Foresight Solar Fund Limited ("FSFL" or the "Company"), the listed 
renewable infrastructure fund investing solely in operational UK Solar 
plants today announces its Interim Management Statement ("IMS"). 
 
   This statement relates to the period from 1 January 2015 to 31 March 
2015. Unless otherwise noted, the financial information provided in this 
IMS is unaudited. 
 
   Highlights 
 
 
   -- Net Asset Value ("NAV") increased from GBP209.8m as at 31 December 2014 
      to GBP244.7m as at 31 March 2015, taking the NAV per Ordinary Share to 
      100.2p (31 December 2014: 100.9p). 
 
   -- The Company raised GBP36.1 million of gross proceeds in the second 
      fundraising under its placing programme in March 2015. 
 
   -- The acquisition of the 37MW Kencot asset reached financial completion on 
      27 March 2015. The Company has the contractual right to all revenue 
      generated by Kencot since the start of its operations in September 2014. 
 
   -- The Company finalised the connection of the 2.2MW extension at its 
      Wymeswold plant, increasing capacity by 7% to 34.4MW.  The extension was 
      connected to the Grid in March 2015 and will therefore be eligible for 
      the 1.4 ROC rate. 
 
   -- All ten assets in the Company's 233MW portfolio are fully operational and, 
      more critically, all received ROC accreditation ahead of the 31 March 
      2015 cliff edge deadline for ROC projects greater than 5MW. 
 
   -- Several large project acquisitions are currently under consideration by 
      the Company that are part of a significant pipeline of assets under 
      exclusivity. 
 
   -- The second interim dividend of 3.0 pence per Ordinary Share was paid on 
      27 March 2015, representing a 6.0 pence dividend per Ordinary Share in 
      respect of the Company's first full financial period ended 31 December 
      2014. 
 
   -- The first quarterly dividend of 1.52 pence in respect of the period from 
      1 January to 31 March 2015 was approved on 23 April 2015 and will be paid 
      on 30 June 2015. 
 
 
   Dividend Timetable 
 
 
 
 
Ex-dividend Date  18 June 2015 
Record Date       19 June 2015 
Payment Date      30 June 2015 
 
 
   Operational Assets 
 
 
   -- The Company's 233MW, ten asset UK Solar portfolio is fully operational. 
 
   -- The acquisition of the 37MW Kencot asset reached financial completion on 
      27 March 2015. The plant was connected to the Grid in September 2014 and 
      received ROC accreditation at the rate of 1.4 ROCs/MWh. The Company has 
      the contractual right to all revenue generated by Kencot since the start 
      of its operations in September 2014. 
 
   -- The 2.2MW extension at Wymeswold was connected to the Grid in March 2015 
      and will therefore be eligible for the 1.4 ROC rate.  The extension does 
      not affect the 2.0 ROC accreditation for the original 32.2MW plant which 
      was acquired by the Company in November 2013, having been connected to 
      the Grid in March 2013. 
 
   -- There is no debt at the underlying project level in line with the 
      Company's stated strategy. 
 
   -- Performance of the portfolio for the period has been in-line with the 
      expectations of the Investment Manager. 
 
 
   Financing Strategy 
 
 
   -- The Company has refinanced and extended its revolving acquisition 
      facility from GBP100 million to GBP120 million with the objective of 
      supporting future project acquisitions. 
 
   -- The facility has been refinanced through RBS and Santander on 
      preferential terms against the originally facility as follows: 
 
          -- GBP100 million, 3 year tranche at a cost of 225 bps + Libor; and 
 
          -- GBP20 million, 1 year tranche at a cost of 185 bps + Libor. 
 
   -- The Company has announced its intention to introduce long-term financing 
      and is currently evaluating a number of opportunities available in the 
      market. 
 
   -- Foresight Group, the Company's investment adviser, has previously 
      implemented long-term financing facilities having successfully refinanced 
      an existing retail solar fund which recently crystallised a doubling of 
      the investors' original investment. 
 
 
   Portfolio Valuation 
 
 
   -- Net Asset Value increased from GBP209.8m as at 31 December 2014 to 
      GBP244.7m as at 31 March 2015, taking the NAV per Ordinary Share to 
      100.2p (31 December 2014: 100.9p). 
 
   -- The Company has adjusted its forward power curve forecast to reflect the 
      most recent forecasts released by independent energy market consultants. 
      Excluding all other factors, this led to a reduction in NAV. It should be 
      noted that the independent forecasts continue to assume an increase in 
      power prices in real terms over the medium to long-term. 
 
   -- The negative impact of power curves on NAV has been more than offset 
      through a combination of increased operational efficiencies within the 
      portfolio through the re-negotiation and improvement of key contractual 
      terms, together with the continued reduction of the discount rate. 
 
 
   Dividend 
 
 
   -- A second interim dividend of 3.0 pence per Ordinary Share was paid on 27 
      March 2015, representing a 6.0 pence dividend per Ordinary Share in 
      respect of the Company's first full financial period ended 31 December 
      2014. 
 
   -- The Directors continued intention is to pay a sustainable, index-linked 
      dividend to Shareholders. The Directors target is accordingly to deliver 
      a dividend of 6.08 pence (6.00 pence inflated by RPI for 2014) for the 
      year from 1 January to 31 December 2015, in line with the Company's 
      dividend policy. 
 
   -- The first quarterly dividend of 1.52 pence in respect of the period from 
      1 January to 31 March 2015 was approved on 23 April 2015 and will be paid 
      on 30 June 2015. 
 
 
   Placing Programme 
 
 
   -- The Company has established a Placing Programme under the Prospectus 
      dated 25 September 2014 in respect of proposed issues of up to 200 
      million new Ordinary Shares. 
 
   -- Through this Placing Programme, the Company raised GBP60.1 million of 
      gross proceeds in its initial placing in October 2014, with an additional 
      GBP36.1 million of gross proceeds raised in its second placing in March 
      2015. 
 
 
   Pipeline 
 
 
   -- The Company has a significant pipeline of assets under exclusivity. 
 
   -- The March 2015 1.4 ROC banding deadline for assets over 5MW drove large 
      amounts of activity and new capacity being installed in the first quarter 
      of 2015. This scale of UK installed solar capacity has created an active 
      market in large-scale secondary assets, and as such the Company is 
      reviewing a number of secondary opportunities. 
 
   -- Portfolios of new projects under 5MW planned to be installed under the 
      1.3 ROC banding period are also expected to provide an attractive source 
      of new investment opportunities in the short-term. 
 
 
   ENDS 
 
 
 
 
For further information, please contact: 
Foresight Group 
Elena Palasmith epalasmith@foresightgroup.eu     +44 (0)20 3667 8100 
 
 
 
 
  Stifel                                         +44 (0)20 7710 7600 
Mark Bloomfield 
 Neil Winward 
 Tunga Chigovanyika 
J.P. Morgan Cazenove 
 William Simmonds                                +44 (0)20 7742 4000 
 
 
   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. In October 2014, the Company announced a 
GBP200m Placing Programme open until September 2015, of which GBP96.2m 
has been raised to date. 
 
   About Foresight Group 
 
   Foresight Group was established in 1984 and today is a leading 
independent infrastructure and private equity investment manager with 
GBP1.4 billion of assets under management. As one of the UK's leading 
solar infrastructure investment teams Foresight funds currently manage 
GBP1 billion in 50 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 London, Nottingham, Guernsey, Rome and 
San Francisco. 
 
   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#1920276
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