Foresight Solar Fund Limited Acquisition of stakes in Australian solar farms (2405X)
January 04 2022 - 2:00AM
UK Regulatory
TIDMFSFL
RNS Number : 2405X
Foresight Solar Fund Limited
04 January 2022
4 January 2022
Foresight Solar Fund Limited
(the "Company")
Acquisition of remaining 51% stakes in Longreach and Oakey 1
Solar Farms
Foresight Solar Fund Limited, a fund investing in a diversified
portfolio of ground-based solar PV and battery storage assets in
the UK and internationally, is pleased to announce that it has
acquired the remaining 51% interests in the Oakey 1 (30 MW) and
Longreach (17 MW) solar farms in Queensland, Australia. The Company
had acquired a 49% stake in each farm in December 2017 and has
acquired the remaining 51% in each from Canadian Solar Inc.
(NASDAQ: CSIQ). The total equity consideration for the remaining
stakes in the two assets is equivalent to approximately 1% of the
fund's latest NAV.
Both assets are fully operational and the increase to 100%
ownership provides the Company with full management control over
future optimisation initiatives.
The assets currently have senior debt facilities in place from
the Bank of Tokyo-Mitsubishi, Ltd ("MUFG") and the Clean Energy
Finance Corporation ("CEFC"). The senior debt facilities expire in
April 2022 and are expected to be refinanced during the first
quarter of 2022.
Both Longreach and Oakey 1 benefit from Power Purchase
Agreements ("PPAs") for the sale of electricity and Large-scale
Generation Certificates ("LGCs") with the Queensland Government.
These are under a contract-for-difference structure for a period of
20 years from the date of commissioning, delivering a highly
contracted revenue level of operational cash flows.
This acquisition further strengthens the Company's international
portfolio, while the highly contracted revenue profile of the
assets will increase the predictability of the Company's portfolio
cash flow generation in the medium and long-term.
For further information, please contact:
Foresight Group
+44 (0)20 3911
Nish Sivarajan 2318
(InstitutionalIR@ForesightGroup.eu)
+44(0)20 7029
Jefferies International Limited 8000
Neil Winward
Gaudi Le Roux
+44(0)20 7638
Citigate Dewe Rogerson 9571
Toby Moore
Lucy Eyles
Lucy Gibbs
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQKZGGMRFDGZZG
(END) Dow Jones Newswires
January 04, 2022 02:00 ET (07:00 GMT)
Foresight Solar (LSE:FSFL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Foresight Solar (LSE:FSFL)
Historical Stock Chart
From Jul 2023 to Jul 2024