Foresight Solar Fund Limited Acquisition of 15 UK solar assets (8515W)
06 August 2018 - 4:00PM
UK Regulatory
TIDMFSFL
RNS Number : 8515W
Foresight Solar Fund Limited
06 August 2018
6 August 2018
Foresight Solar Fund Limited
Acquisition of 15 UK solar assets
Further to the announcement on 4 July 2018, Foresight Solar Fund
Limited ("Foresight Solar" or "the Company") is pleased to announce
it has completed the acquisition of a 100% interest in a portfolio
of 15 operational solar assets in the UK with a total installed
capacity of 114 MW (the "Acquisition Portfolio") for a
consideration of approximately GBP47 million, including the
economic benefit of all cashflows from 1 April 2018.
This acquisition, as previously outlined, will be funded by the
net proceeds of the oversubscribed fundraise of approximately
GBP48.1 million completed in July this year through a placing of
new ordinary shares of no par value in the Company. The acquisition
is part of the pipeline of value-accretive investment opportunities
announced in the Company's 2017 Audited Annual Report and Financial
Statements.
The Acquisition Portfolio consists of 15 assets of the 18 assets
announced in June - the remaining assets remain under exclusivity
and will be subject to further due diligence before the assets can
be acquired. All the assets are accredited under the RO scheme,
receiving a weighted average of 1.41 ROCs/MWh.
The assets in the Acquisition Portfolio include:
-- Trehawke (Cornwall, 10.6MW), commissioned in March 2014 and received ROC accreditation of
1.6ROCs/MWh;
-- Homeland (Dorset, 13.2MW), commissioned in March 2014 and received ROC accreditation of 1.6ROCs/MWh;
-- Steventon (Oxfordshire, 10.0MW), commissioned in June 2014 and received ROC accreditation
of 1.4ROCs/MWh;
-- Welbeck (Nottinghamshire, 11.3MW), commissioned in July 2014 and received ROC accreditation
of 1.4ROCs/MWh;
-- Tengore Lane (Somerset, 3.6MW), commissioned in February 2015 and received ROC accreditation
of 1.4ROCs/MWh;
-- Cuckoo Grove (Pembrokeshire, 6.1MW), commissioned in March 2015 and received ROC accreditation
of 1.4ROCs/MWh;
-- Field House (Hampshire, 6.4MW), commissioned in March 2015 and received ROC accreditation
of 1.4ROCs/MWh;
-- Gedling (Nottinghamshire, 5.7MW), commissioned in March 2015 and received ROC accreditation
of 1.4ROCs/MWh;
-- Marsh Farm (Wiltshire, 9.1MW), commissioned in March 2015 and received ROC accreditation of
1.4ROCs/MWh;
-- Abergelli (South Wales, 7.7MW), commissioned in March 2015 and received ROC accreditation
of 1.4ROCs/MWh;
-- Upper Huntingford (Gloucestershire, 7.7MW), commissioned in October 2015 and received ROC
accreditation of 1.3ROCs/MWh;
-- Yarburgh (Lincolnshire, 8.1MW), commissioned in November 2015 and received ROC accreditation
of 1.3ROCs/MWh;
-- Sheepbridge (Reading, 5.0MW), commissioned in December 2015 and received ROC accreditation
of 1.3ROCs/MWh;
-- Crow Trees (Nottinghamshire, 4.7MW), commissioned in March 2016 and received ROC accreditation
of 1.3ROCs/MWh;
-- Fields Farm (Warwickshire, 5.0MW), commissioned in March 2016 and received ROC accreditation
of 1.3ROCs/MWh;
Following the acquisition, the Acquisition Portfolio brings the
Company's total installed capacity to 788MW across 43 solar assets
which is expected to drive efficiencies of scale in terms of
ongoing operational costs.
The transaction is a lower risk and cost-efficient acquisition
for the Company as the portfolio was previously owned by funds
managed by Foresight Group LLP. All assets have been in operation
for a minimum period of two years and have been managed by
Foresight Group's in-house Asset Management team, which will
continue to manage the assets.
The Acquisition Portfolio currently has debt facilities in place
totaling GBP107.2 million provided by the Royal Bank of Scotland.
It is the Company's intention to refinance the portfolio and other
UK assets within the next 12 months.
Commenting on the acquisition, Alex Ohlsson, Chairman of the
Company, said:
"This is both a strategic and a significant acquisition for the
Company, which sees us become the largest UK-listed dedicated solar
energy investment company by installed capacity. The acquisition
will be NAV-accretive and will further underpin our sustainable,
long-term dividend policy. We are pleased to be delivering against
our focused acquisition strategy and in accordance with the
expected timetable."
For further information, please contact:
Foresight Group +44 (0)20 3763 6951
Joanna Andrews
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
Louise Mason-Rutherford
Nick Hayns
Eleni Menikou
Elizabeth Kittle
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END
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