Foresight Slr Fnd Ld Foresight Solar Fund Limited : Acquisition
February 03 2017 - 1:00AM
UK Regulatory
TIDMFSFL
27 January 2017
Acquisition
The Company is pleased to announce that it has completed its largest
acquisition to date with the purchase of a 100% interest in a 50MW
alternating current ("AC") export capacity operational UK solar asset,
representing 72MW of installed peak capacity. Shotwick solar farm,
located in Flintshire, is the largest operational solar asset in the UK.
It was connected to the Grid in March 2016 and has received Renewables
Obligation Certificate ("ROC") accreditation of 1.3ROCs/MWh.
The acquisition has increased the Company's portfolio to 17 assets with
an installed peak capacity of 420MW. In addition to Shotwick, the
Company has identified a further attractive pipeline of assets which
will support the potential for growth of the Company over the coming
months.
The Shotwick acquisition has been funded using the remainder of the
equity proceeds recently raised, and the Company's existing acquisition
facility. The Company has acquired the economic benefit of all project
cash flows since 30 November 2016. The Company intends to repay the
acquisition facility through additional equity raises as and when
appropriate in 2017.
Commenting on the acquisition, Alex Ohlsson, Chairman of the Company,
said: "The Shotwick acquisition is in line with the Company's strategy
of focusing predominantly on large-scale solar assets while minimising
cash drag risk for investors. The Company has identified further
attractive pipeline assets and expects to deliver additional growth
opportunities."
For further information, please contact:
Foresight Group
Louise Chesworth, LChesworth@ForesightGroup.eu, +44
(0)20 3667 8191
Stifel Nicolaus Europe Limited, +44 (0)20 7710 7600
Mark Bloomfield
Neil Winward
Tunga Chigovanyika
J.P. Morgan Cazenove, +44 (0)20 7742 4000
William Simmonds
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Foresight Solar Fund Limited via Globenewswire
(END) Dow Jones Newswires
February 03, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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