Foresight Solar Fund Limited announced last week audited half year results to 30 June 2014. The company, that raised £150 million of equity capital through an Initial Public Offering (IPO) in October 2013, used the proceeds to acquire 111MW of operational UK solar capacity comprising seven individual utility scale assets.
In accordance with the strategy set out at IPO, the company, already the largest dedicated UK listed solar investment company, will grow to 185MW of UK solar generating capacity through the agreed acquisition, when operational, of the Kencot and Bournemouth plants, totalling 74MW. These two acquisitions will be financed utilising a £100 million bank facility previously announced in May 2014.
The company said in its press release that further equity capital raises are envisaged as assets secured utilising the £100 million acquisition facility become operational.
Foresight also stated that there is a strong pipeline of assets for further growth of the company whilst maintaining the lowest risk approach to the sector avoiding blind pool, development, construction and subsidy risk in its acquisition of assets.
Commenting on the results, Alexander Ohlsson, Chairman of Foresight Solar Fund Limited, said:
“The Board and Foresight Group CI Limited, the Investment Manager, believe that strong progress has been made in maintaining the Company’s position on the UK listed market as the largest solar specific renewable infrastructure company. This position is expected to strengthen further once the exchanged contracts to acquire the Kencot and Bournemouth plants complete. Together this will lead to a combined enterprise value of £250 million for the Company. This growth in scale gives us confidence in further achieving the original objectives of the Company.”