Foresight Solar Fund Limited Q3 2019 Net Asset Value (8818S)
11 Novembre 2019 - 8:00AM
UK Regulatory
TIDMFSFL
RNS Number : 8818S
Foresight Solar Fund Limited
11 November 2019
Foresight Solar Fund Limited
Q3 2019 Net Asset Value announcement
Foresight Solar Fund Limited ("Foresight Solar" or "the
Company"), a fund investing in a diversified portfolio of
ground-based solar PV assets in the UK and internationally,
announces that, as at 30 September 2019, its unaudited Net Asset
Value ("NAV") was GBP599.4 million (30 June 2019: GBP601.5
million), resulting in a NAV per Ordinary Share of 109.1 pence (30
June 2019: 109.6 pence).
The small decrease in NAV is attributable mainly to a downward
revision of UK power price forecasts and costs incurred as part of
the recent portfolio refinancing, offset by the extension of the
remaining useful economic life of eight assets in the
portfolio.
The weighted average useful economic life of the portfolio
assets is 29.8 years (30 June 2019: 28.4 years). The Company has
previously highlighted the potential for an increase in the useful
economic life of portfolio assets, and in this instance has
recognised an increase for eight portfolio assets. The remainder of
the portfolio assumptions remain unchanged.
The Gross Asset Value ("GAV"), including Company and
subsidiaries, as at 30 September 2019, was GBP1,099.9 million (30
June 2019: GBP1,100.6 million).
Gearing update
The Company's total outstanding debt as of 30 September 2019 was
GBP505.0 million, including long-term debt of GBP405.0 million and
Revolving Credit Facilities of GBP100 million.
The total outstanding long-term debt of GBP405.0 million
represents approximately 37% of GAV of the Company and Subsidiaries
as at 30 September 2019.
The total outstanding debt including revolving credit facilities
of GBP505.0 million represents approximately 46% of GAV of the
Company and Subsidiaries as at 30 September 2019.
Post-period, the Company paid down a further GBP55 million on
its existing GBP65 million Revolving Credit Facility using the net
proceeds from the successful Placing of 10 October 2019. The
current amount drawn down on both of the company's Revolving Credit
Facilities is GBP45 million. As at the date of this announcement
the total outstanding debt therefore is GBP450 million.
Dividends
The Company remains on target to deliver an annual dividend of
6.76 pence per share for the year ending 31 December 2019. The
second interim dividend payment of 1.69 pence per share is
scheduled to be paid on 29 November 2019 as previously
announced.
Appointment of Monique O'Keefe to Chair of Remuneration and
Nomination Committee
The Company is also pleased to announce the appointment of
Monique O'Keefe, who joined the Company as a Non-Executive Director
in June 2019, to the position of Chair of the Remuneration and
Nomination Committee. Monique will take on the role from Alex
Ohlsson, who will remain Chairman of the Board of Directors.
For further information, please contact:
Foresight Group
Jonathon McManus +44 (0)20 3667 8147
(InstitutionalIR@ForesightGroup.eu)
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Bloomfield
Maarten Freeriks
Citigate Dewe Rogerson +44 (0)20 7638 9571
Nick Hayns
Elizabeth Kittle
Lucy Eyles
LEI: 213800VO4O83JVSSOX33
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END
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