Foresight Solar Fund Limited : Amendment - For...
The following announcement replaces the announcement issued on 6 February 2014 and details that total committed assets are 134.3MW and not 137.4MW as previously reported.
Foresight Solar Fund Limited to acquire
10.7MW Hunters Race solar power plant
- Binding contracts now in place to acquire a 10.7MW solar power plant
- Brings the Company's total committed assets to 134.3MW, of which 32MW is already operational and generating revenues for the Company
- Grid connection of existing assets imminent
- The Company's £150m of funds were 100% committed at IPO
Foresight Solar Fund Limited ("the Company") is pleased to announce that it has entered into a binding contract to acquire its seventh large-scale solar plant, the 10.7MW Hunters Race plant.
The Hunters Race plant was identified in the Company's IPO Prospectus as an "Exclusive Portfolio" asset under exclusivity, without legally binding contracts in place. This announcement marks the change in status such that the plant, with a generating capacity of 10.7MW, is expected to be connected to the grid and fully operational before the end of March 2014 and accruing revenues for the Company from that point. In line with previous acquisitions, the Company will not be taking construction risk which is a fundamental part of its low risk strategy.
The newly acquired plant is located on low-grade agricultural farmland of approximately 12.4 hectares on what was formerly a quarry in West Sussex.
At IPO, the Company's £150 million funds were fully allocated to a "Committed Portfolio" of six large scale UK solar assets. Two further plants from the "Committed Portfolio", Castle Eaton (Swindon SPV) and High Penn (Calne SPV), together totalling 28MW, are expected to be grid connected shortly, bringing the cumulative total invested in operational and revenue generating assets to more than 60MW or more than 50% of the Company's assets.
The Company has confirmed its intent to deliver a target dividend of 6p per ordinary share in respect of its first financial year, rising annually with RPI thereafter, and enabling the Company to support its strategy, unique amongst its solar peer group, to sustain the NAV, offering the potential for further capital growth.
Jamie Richards, Partner and Head of Infrastructure at Foresight said:
"We are pleased to have binding contracts in place to acquire the Hunters Race plant. We remain on target to have the Foresight Solar Fund portfolio fully operational by the end of March. The promising outlook for the UK solar sector, the quality of the underlying assets and Foresight's track record in the sector continues to provide investors with an attractive opportunity to secure valuable inflation-linked yield and the potential for capital growth."
The Company expects to make further announcements shortly.
ENDS
For further information
Sarah Cole scole@foresightgroup.eu 01732 471 863
Notes to Editors
About Foresight Solar Fund Limited ("The Company" or "FSFL")
FSFL is a Jersey-registered closed-end investment company. The Company will invest in a portfolio of UK ground based solar power assets to achieve its objective of providing Shareholders with a sustainable and increasing dividend with the potential for capital growth over the long-term.
The Company raised proceeds of £150m through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange in October 2013.
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1 billion of assets under management. As one of the UK's leading solar infrastructure investment teams Foresight funds currently manage over £650 million in 22 separate operating Photovoltaic ("PV") plants in the UK, the USA, Italy and Spain.
In May 2013 Foresight executed an innovative refinancing of its existing UK solar assets through the issue of a £60m London Stock Exchange listed index-linked Solar Bond.
Foresight Group has offices in the UK, the USA and Italy.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Foresight Solar Fund Limited via Globenewswire
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