Foresight Solar Fund plan new share issue

The Board of Foresight Solar Fund Limited announced yesterday a proposed further placing of new ordinary shares under the Placing Programme announced on 25 September 2014.

The placing price will be based on an updated Net Asset Value (NAV) per Ordinary Share to be announced on 1 June 2015 plus a premium to cover the costs of the placing.

According to the announcement, new ordinary shares to be issued under this placing will carry an entitlement to the first quarterly dividend of 1.52 pence, as announced on 27 April 2015, in respect of the period from 1 January to 31 March 2015, which will be paid on 30 June 2015.

Following financial completion of the Kencot asset and Wymeswold extension, Foresight Solar Fund Limited has invested a further £50 million since the £36.1 million raised during March 2015 under the placing programme.

Foresight Solar Fund Limited has secured exclusivity over a pipeline of assets totalling more than 100MW, including a 51MW operational portfolio which was connected to the Grid in Q1 2015 and thus qualifies for the 1.4 Renewable Obligation Certificate (ROC) rate.

The proceeds from the placing will therefore be used towards repaying the existing acquisition facility and enabling the company to take advantage of this exclusive pipeline of assets.

Performance of the portfolio remains in line with the expectations of the Investment Manager.