Foresight Solar Fund Limited Completes the Acquisition of a 100% Interest in a Portfolio of 11 Operational Solar Assets in the UK with a Total Installed Capacity of 80.9 MW
November 28, 2018 at 02:02 am EST
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Foresight Solar Fund Limited announced that it has completed the acquisition of a 100% interest in a portfolio of 11 operational solar assets in the UK with a total installed capacity of 80.9 MW (the "Acquisition Portfolio"). The Acquisition Portfolio has been acquired for a consideration of £33.1 million, including the economic benefit of all cash flows from 1 April 2018. As previously disclosed, the acquisition will be funded by the proceeds of the equity issue of approximately £58 million, which completed in October 2018 through a placing of new ordinary shares of no par value in the Company. The remaining proceeds following completion of the Acquisition Portfolio will be used to reduce the Group's gearing by repaying some of the existing Bank Facilities. All assets within the Acquisition Portfolio are accredited under the RO scheme, receiving 1.4 to 1.3 ROCs/MWh (portfolio average of 1.35 ROCs/MWh). All the 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 assets in the Acquisition Portfolio include:Bull's Head (Milton Keynes, 5.3MW), commissioned in October 2014 and received ROC accreditation of 1.4ROCs/MWh; Bilsthorpe (Nottinghamshire, 5.7MW), commissioned in November 2014 and received ROC accreditation of 1.4ROCs/MWh; Roskrow (Cornwall, 8.9MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; Nowhere (Lincolnshire, 8.1MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; Ash Farm (Shropshire, 8.4MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; Pen & Cae (Carmarthenshire, 6.8MW), commissioned in March 2015 and received ROC accreditation of 1.4ROCs/MWh; PS Manor Farm (Bedfordshire, 14.2MW), commissioned in October 2015 and received ROC accreditation of 1.3ROCs/MWh; Playters (Suffolk, 8.6MW), commissioned in October 2015 and received ROC accreditation of 1.3ROCs/MWh; Lindridge (Leicestershire, 4.9MW), commissioned in March 2016 and received ROC accreditation of 1.3ROCs/MWh; Abbey Fields (Kent, 4.9MW), commissioned in March 2016 and received ROC accreditation of 1.3ROCs/MWh; and Mission (South Yorkshire, 5.0MW), commissioned in March 2016 and received ROC accreditation of 1.3ROCs/MWh. The completion of this transaction brings the Company's total installed capacity to 869MW across 54 solar assets, further increasing portfolio diversification and enhancing operational efficiencies. The Acquisition Portfolio currently has short term debt facilities in place totaling £69.8 million, the majority of which are provided by NatWest. It is the company's intention to further optimise its capital structure in 2019 by refinancing the newly acquired assets and other portfolio assets funded by Revolving Credit Facilities.
Foresight Solar Fund Limited is a Jersey-based closed-ended investment company with a diversified portfolio of solar photovoltaics (PV) and battery storage assets. The Companyâs investment objective is to provide investors with a sustainable and progressive quarterly dividend underpinned by investments in a geographically diverse portfolio of assets. It aims to deliver sustainable investment returns to investors alongside environmental, social and governance (ESG) benefits. The Company acquires ground-based, operational solar power plants. It is also permitted to invest in utility-scale battery storage systems up to a limit of 10% of the GAV of the Company, calculated at the time of investment. Its diversified portfolio consists of 61 assets with a total global peak capacity of 1.1 gigawatt (GW). Its assets include Highfields, Castle Eaton, High Penn, Hunters Race, Spriggs Farm, Kencot Hill, Copley, Paddock Wood, Southam, Port Farm, Sandridge, Wally Corner, Park Farm and others.
Foresight Solar Fund Limited Completes the Acquisition of a 100% Interest in a Portfolio of 11 Operational Solar Assets in the UK with a Total Installed Capacity of 80.9 MW