Information  X 
Enter a valid email address

Foresight Solar Fund (FSFL)

  Print   

Monday 28 February, 2022

Foresight Solar Fund

Sustainability Linked Revolving Credit Facility

RNS Number : 9307C
Foresight Solar Fund Limited
28 February 2022
 

28 February 2022

 

Foresight Solar Fund Limited

 

("Foresight Solar" or "the Company")  

Sustainability Linked Revolving Credit Facility

Foresight Solar, 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 signed a new three-year facilities agreement which provides for a committed multicurrency Revolving Credit Facility ("RCF") of £150 million and an uncommitted accordion facility of up to £30 million.

The RCF replaces the Company's two existing RCFs and provides an increased source of flexible funding, with both Sterling and Euro drawdowns. The agreement includes an uncommitted option to extend the RCF for a further year and will be used to fund the acquisition and construction of ground-based solar PV and battery storage projects to add to the Company's current portfolio, as well as to cover any working capital requirements.

The interest charged in respect of the renewed RCF is linked to the Company's sustainability performance, with Foresight Solar incurring a premium or discount to its margin and commitment fee based on its performance against defined targets. These sustainability targets include:

- A year-on-year increase in the total renewable generation and battery energy storage system capacity

- An increase in the value of the Company's annual contributions to community funds

- The implementation of enhanced ESG reporting for suppliers to the Company's portfolio of assets

Performance against these sustainability targets will be measured annually with the cost of the RCF being amended accordingly in the following year. 

Lenders to the facility include an existing lender (National Westminster Bank PLC) and three new lenders (Allied Irish Banks PLC, Barclays Bank PLC and Lloyds Bank PLC). The margin can vary between 185bps and 195bps over SONIA ('Sterling Overnight Index Average') for Sterling drawdowns and EURIBOR (Euro Interbank Offered Rate) for Euro drawdowns, depending on performance against the Company's sustainability targets.

For further information, please contact:

Foresight Group

 

Nish Sivarajan

+44 (0)20 3911 2318

([email protected])

 

 

 

Jefferies International Limited

+44(0)20 7029 8000

Neil Winward

 

Gaudi Le Roux

 

 

 

Citigate Dewe Rogerson

+44(0)20 7638 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 [email protected] 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
 
 
MSCDZGZZNKFGZZM

a d v e r t i s e m e n t