Foresight Slr Fnd Ld Foresight Solar Fund Limited : Completion Of Acquisition
October 04 2017 - 2:00AM
UK Regulatory
TIDMFSFL
4 October 2017
Completion of Acquisition
Further to the announcement on 28 September 2017, Foresight Solar Fund
Limited ("The Company") is pleased to announce that it has now completed
the acquisition of an equity interest to acquire 48.5% of the share
capital of Bannerton Solar Farm ("the Project") in Victoria, Australia
(the "Transaction").
As previously disclosed, the Project development rights have been
acquired for an initial consideration of A$5.5 million (GBP3.2 million).
The Company's equity investment amount will total c. A$40 million
including the expected construction costs. The Project will benefit
from a 17 year fixed-price PPA with Alinta Energy, an Australian
utility. This contract will represent 60% of the expected electricity
generated during the term of the contract.
The acquisition of the Project and subsequent equity investment will be
funded through the existing revolving credit facility provided by
Santander Global Corporate Banking. Prior to the date of the investment,
the Company had c. GBP62 million of the existing revolving credit
facility available.
In addition, the Project will benefit from a debt facility of c. A$98
million provided by the Clean Energy Finance Corporation. The facility
will be available to fund construction milestones and will remain in
place during the early operational phase.
For further information, please contact:
Foresight Group
Romy Abrahams RAbrahams@ForesightGroup.eu +44
(0)20 3763 6956
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Bloomfield
Neil Winward
Tunga Chigovanyika
J.P. Morgan Cazenove +44 (0)20 7742 4000
William Simmonds
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
(END) Dow Jones Newswires
October 04, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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