Foresight Solar Fund Limited Net Asset Value announcement (1135H)

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RNS Number : 1135H

Foresight Solar Fund Limited

13 November 2018

Foresight Solar Fund Limited

Net Asset Value 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 30 September 2018, its unaudited Net Asset Value ("NAV") was GBP532.7 million (31 August 2018: GBP523.4 million), resulting in a NAV per Ordinary Share of 107.6 pence (31 August 2018: 105.8 pence). The increase in NAV is mainly attributable to an upward revision of the UK power price forecasts in the short and medium-term.

The Gross Asset Value ("GAV"), including Company and subsidiaries, as at 30 September 2018, was GBP918.5 million (31 August 2018: GBP909.0 million).

The Company's equity discount rate used to value its UK assets remains unchanged at 7.0% unlevered and 7.75% for levered assets. The levered discount rate for the Australian portfolio remains unchanged at 8.5%.

Gearing

The Company's total outstanding debt as of 30 September 2018 was GBP427.0 million, including long-term debt of GBP322.0 million and Revolving Credit Facilities of GBP105 million.

As at 30 September 2018, the total outstanding long-term debt of GBP322.0 million represents approximately 35% of GAV of the Company and Subsidiaries.

The total outstanding debt including revolving credit facilities of GBP427.0 million represents approximately 46% of GAV of the Company and Subsidiaries.

Dividends

The Company remains on target to deliver an annual dividend of 6.58p per share for the year ending 31 December 2018.

LEI: 213800VO4O83JVSSOX33

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 
  Gaudi Le Roux                    +44 (0)20 7710 7600 
 
 
 Citigate Dewe Rogerson 
  Nick Hayns 
  Elizabeth Kittle 
  Lucy Eyles               +44 (0)20 7638 9571

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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November 13, 2018 02:01 ET (07:01 GMT)

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