Foresight Solar Fund refinances acquisition facility

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Foresight Solar Fund refinances acquisition facility

Foresight Solar Fund Limited has confirmed the refinancing of its acquisition facility which has also been extended from £100 million to £120 million.

The facility has been refinanced through RBS and Santander at preferential terms against the original facility as below.

FacilityTenorLibor +
£100m3 yr225bps
£20m1 yr185bps

This facility will be drawn to fund future operational UK solar power plant acquisitions. It is expected that the facility will be repaid through utilisation of further equity issuance under the £200m Placing Programme which remains open until September 2015 and which has already raised £96.2m, and/or refinancing with a long-term debt facility.

In addition, the company announced a 2.2MWp extension to its Wymeswold plant in Leicestershire at a total cost of £1.8 million. Wymeswold was the first operational plant acquired by the Company in November 2013 at 32.2MWp with a ROC accreditation of 2.0ROCs, having been connected to the grid in March 2013.

This 2.2MWp extension represents a 7% increase in capacity at the plant, bringing it up to 34.4MWp, and has been connected to the grid before the 31 March 2015 deadline for 1.4ROC accreditation. This 2.2MWp extension at 1.4ROCs does not affect the 2.0ROC accreditation obtained for the initial 32.2MWp of installed capacity.

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