Foresight Solar Fund Limited Completion of £245 million debt refinancing (7270H)

TIDMFSFL

RNS Number : 7270H

Foresight Solar Fund Limited

05 August 2019

5 August 2019

Foresight Solar Fund Limited

Completion of GBP245 million debt refinancing

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, is pleased to announce that it has reached completion on a GBP245 million debt refinancing for a portfolio of 28 UK assets, representing an installed capacity of 321MW.

The new financing comprises a GBP170 million term loan facility, a GBP65 million revolving credit facility ("RCF") and a GBP10 million debt service reserve facility. The GBP170 million fully amortising term loan facility will expire in March 2036 and will be provided jointly by Landesbank Hessen-Thüringen Girozentrale ("Helaba") and Sumitomo Mitsui Banking Corporation ("SMBC"). The term loan facility all-in annual cost of debt is approximately 230bps. The proceeds of the loan facility will be used partially to refinance the asset-level debt facilities expiring in September 2019.

The GBP65 million RCF has a three-year term and will be provided by National Westminster Bank plc ("NatWest"). This facility replaces the existing GBP65 million RCF entered into in 2017.

Following this transaction, the Company's total outstanding debt is GBP511.3 million, representing approximately 46% of Gross Asset Value ("GAV") of the Company and its subsidiaries based on the Company's 31 March 2019 GAV of GBP1,104.1 million. The total outstanding long-term debt, excluding revolving credit facilities of GBP406.3 million, represents approximately 37% of GAV of the Company and its subsidiaries.

Alex Ohlsson, Chairman of Foresight Solar Fund Limited, said:

"This refinancing delivers significant value for Foresight Solar Fund as a result of a reduction in the annual cost of the new cross-collateralised term loan facility against the previous asset level facilities.

"In addition, the refinancing of the RCF removes any short-term refinancing risk across the Company's portfolio and allows the Company to adopt a more flexible approach to new investment opportunities in both the short and medium term.

"This transaction is testament to the innovative work of the Investment Manager, our advisers, and the continued support of the lending market."

LEI: 213800VO4O83JVSSOX33

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

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