27 January 2014 Trading Update: Operational assets generating ahead of target -- The 32MW, 2 ROC Wymeswold plant reports electricity generation performance of 15% above expectation since November -- The Company's funds are 100% committed -- Grid connection of further capacity imminent Press Release 27 January 2014 : Foresight Solar Fund Limited ("Foresight Solar Fund" or "the Company") is pleased to announce that Wymeswold, the UK's largest operational solar plant, at 32 MW and sited on a disused WWII airfield in Leicestershire, has been generating power at 15% ahead of expectation for the three months November 2013 - January 2014 (as at 22(nd) ). The fully operational plant, which benefits from 2 ROCs/MWh having been commissioned before April 2013, was acquired by the Company, as expected, shortly after IPO in early November 2013. Two further plants described in the IPO Prospectus, namely, Castle Eaton (Swindon SPV) and High Penn (Calne SPV), totalling a further 28MW, are expected to be fully operational and grid connected shortly. The Company remains on target to have all IPO proceeds invested in grid connected, operational assets by the end of Q1 2014. The Company has confirmed its intent to deliver a target dividend of 6p per ordinary share in respect of its first financial year, rising annually with RPI thereafter, and enabling the Company to support its strategy, unique amongst its solar peer group, to sustain the NAV, offering the potential for capital growth. Jamie Richards, Partner and Head of Infrastructure at Foresight said: "The Wymeswold asset outperformance is good news. 30% of the IPO proceeds were invested in this fully operational asset shortly after the IPO and the asset was selected because of its potential to outperform. We expect to be able to announce that 50% of the Company's assets will be fully operational shortly, and as described at IPO that 100% of the Company's assets will be fully operational before the end of Q1 2014. We remain on target to deliver the 6p dividend per ordinary share. The promising outlook for the UK solar sector, the quality of the underlying assets and Foresight's track record in the sector, continue to provide investors with an attractive opportunity to secure inflation linked yield and potential for capital growth." The Company expects to make further announcements shortly ENDS For further information Ben Thompson Foresight Group firstname.lastname@example.org 01732 471 800 Malcolm Robertson/Chris Gardner Malcolm.Robertson@citigatedr Citigate Dewe Rogerson .co.uk 0207 282 2867 Notes to Editors Foresight Group is a leading independent infrastructure and private equity investment manager which has been managing in
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.