Foresight Solar Fund Limited Net Asset Value announcement (2860Y)
May 08 2019 - 2:00AM
UK Regulatory
TIDMFSFL
RNS Number : 2860Y
Foresight Solar Fund Limited
08 May 2019
Foresight Solar Fund Limited
Net Asset Value announcement
Foresight Solar Fund Limited ("Foresight Solar" or "the
Company"), a fund investing in a diversified portfolio of
ground-based solar PV assets in the UK and internationally,
announces that, as at 31 March 2019, its unaudited Net Asset Value
("NAV") was GBP603.6 million (31 December 2018: GBP610.3 million),
resulting in a NAV per Ordinary Share of 110.0 pence (31 December
2018: 111.2 pence). The decrease in NAV is mainly attributable to a
downward revision of UK power price forecasts, revised short term
inflation assumptions in line with the latest publication of the
Office for Budget Responsibility and the unwinding of the discount
rate.
The Gross Asset Value ("GAV"), including Company and
subsidiaries, as at 31 March 2019, was GBP1,104.1 million (31
December 2018: GBP1,114.7 million).
The Company's equity discount rates used to value its
investments remain unchanged. UK investments continue to be valued
using an unlevered discount rate of 6.75% or a levered discount
rate between 7.50% and 7.75% depending on debt structure.
Australian operational assets continue to be valued using a levered
discount rate of 8.5%.
Gearing
The Company's total outstanding debt as of 31 March 2019 was
GBP500.5 million, including long-term debt of GBP395.5 million and
Revolving Credit Facilities of GBP105 million. As at 31 March 2019,
the total outstanding long-term debt of GBP395.5 million represents
approximately 36% of GAV of the Company and Subsidiaries. The total
outstanding debt including revolving credit facilities of GBP500.5
million represents approximately 45% of GAV of the Company and
Subsidiaries.
Dividends
The Company remains on target to deliver an annual dividend of
6.76 pence per share for the year ending 31 December 2019.
For further information, please contact:
Foresight Group
Joanna Andrews +44 (0)20 3763 6951
(InstitutionalIR@ForesightGroup.eu)
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Bloomfield
Neil Winward
Gaudi Le Roux
Citigate Dewe Rogerson +44 (0)20 7638 9571
Nick Hayns
Elizabeth Kittle
Lucy Eyles
LEI: 213800VO4O83JVSSOX33
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END
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