Foresight Solar Fund Limited Net Asset Value and dividend announcement (4769M)
April 30 2018 - 2:01AM
UK Regulatory
TIDMFSFL
RNS Number : 4769M
Foresight Solar Fund Limited
30 April 2018
Foresight Solar Fund Limited
Net Asset Value and dividend announcement
Foresight Solar Fund Limited ("Foresight Solar" or "the
Company"), the owner and operator of solar assets in the UK and
internationally, announces that as at 31 March 2018 its unaudited
Net Asset Value ("NAV") was GBP477.0 million (31 December 2017:
GBP481.3 million), resulting in a NAV per Ordinary Share of 106.0
pence (31 December 2017: 107.0 pence). The decrease in NAV is
attributable mainly to cash flow movements during the quarter,
including dividend payments and scheduled third-party debt capital
repayments, with Discounted Cash Flow valuation movements and
medium to long-term UK power price forecasts having an immaterial
impact.
The Gross Asset Value ("GAV") including Company and Subsidiaries
as at 31 March 2018 was GBP666.1 million (31 December 2017:
GBP680.8 million).
Foresight Solar's equity discount rate for UK assets remains
unchanged at 7.0% unlevered and 7.75% for levered assets.
Dividends
Foresight Solar is pleased to announce the approval of the first
quarterly dividend of 1.64 pence per Share. The quarterly dividend
will be paid on 24 August 2018, with an ex-dividend date of 9
August 2018 and a record date of 10 August 2018.
The Company remains on target to deliver an annual dividend of
6.58p for the year ending 31 December 2018.
Debt
As at 31 March 2018, the total outstanding long-term debt of
GBP149.4 million represents approximately 22.4% of Gross Asset
Value of the Company and Subsidiaries.
The total outstanding debt including revolving credit facilities
of GBP197.4 million represents approximately 29.6% of Gross Asset
Value of the Company and Subsidiaries.
These figures above do not include debt drawn down to fund the
post period portfolio acquisition described below and announced on
20 April 2018.
Portfolio Update
As at 31 March 2018, Foresight Solar's portfolio consisted of 23
solar assets with a net installed capacity of approximately 621MW,
including three Australian assets (representing 138MW) currently
under construction. Longreach is the first Australian asset to
begin exporting electricity to the grid; the construction of the
other three Australian assets remains on schedule.
On 20 April 2018, Foresight Solar announced the acquisition of a
100% interest in a portfolio of five operational solar assets in
the UK, with a total installed capacity of 53.3MW. This acquisition
increased the Company's portfolio to 674MW across 28 solar
assets.
During the quarter to 31 March 2018, the medium and long-term UK
power price forecast remained broadly unchanged. Following period
end, the Company has taken advantage of current attractive forward
electricity prices and further increased the proportion of fixed
price arrangements under its existing UK Power Purchase Agreements
(PPAs) from 29% of the electricity sales as at 31 December 2017 to
44%, including the post period portfolio acquisition described
above. These new arrangements, at a weighted average price of
GBP48.1/MWh, will reduce cash flow volatility in the short term.
The new fixed price arrangements will expire on 30 September
2018.
Further details will be provided in the Company's Interim Report
for the period ended 30 June 2018, which is due to be published in
August 2018.
For further information, please
contact:
Foresight Group
Joanna Andrews InstitutionalIR@ForesightGroup.eu +44 (0)20 3763 6951
Stifel Nicolaus Europe Limited
Mark Bloomfield
Neil Winward
Tunga Chigovanyika +44 (0)20 7710 7600
Citigate Dewe Rogerson
Louise Mason-Rutherford
Nick Hayns
Eleni Menikou
Elizabeth Kittle +44 (0)20 7638 9571
This information is provided by RNS
The company news service from the London Stock Exchange
END
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