Foresight Solar Fund Limited: Annual Results to 31 December 2015

Highlights
  • Net Asset Value ("NAV”) increased from £209.8 million as at 31 December 2014 to £279.11million as at 31 December 2015, taking the NAV per Ordinary Share to 99.0 pence (31 December 2014: 100.9 pence).
  • Cashflows from assets during the period of £28.5 million. This equates to positive cashflow of £23.3 million net of finance and fund level costs for the year.
  • Reported profit after tax for the period was £15.2 million and earnings per share of 5.91 pence.
  • For the first three quarters to 31 December, dividends of 1.52 pence, 1.52 pence and 1.53 pence were paid. The Company remains on target to deliver a full year dividend of 6.10 pence.
  • During the period the Company successfully acquired seven assets totalling 142MW. The 16 asset, 338MW portfolio is now fully operational.
  • Acquisitions during the period include:
    • Completion of the 37MW 1.4 ROC Kencot asset in March;
    • A 51MW, 1.4 ROC operational portfolio completed in September;
    • A majority interest in three 1.4 ROC operational assets totalling 34MW through a Joint Venture with Big60Million Limited; and
  • A 2.3MW, 1.4 ROC extension at the existing Wymeswold asset in February;
  • The 30MW Copley asset, the first for which the Company provided construction financing, successfully connected to the grid ahead of schedule in December 2015. This asset will qualify for the 1.3 Renewable Obligation Certificate ("ROC”) banding under the Renewable Obligation ("RO”) 12-month grace period, with accreditation expected shortly.
  • Performance of the assets for the period was in line with the expectations of the Investment Manager. Energy generated from the portfolio amounted to 298.76 GWh, resulting in revenue of £36.7 million across the Company’s portfolio.
  • During the period, the Company raised an additional £74.8 million of equity under its Placing Programme which closed on 22 September 2015.
  • In September 2015, the Company announced an issue of Equity and Repurchase into Treasury of 28,152,143 new Ordinary Shares. These shares are available to be sold out of Treasury at any time to meet future market demand, and to provide the Company with additional capital to take advantage of attractive pipeline opportunities as they arise.
  • On 24 July 2015 the Company confirmed a further extension of its acquisition facility from £120 million to £150 million. As at 31 December 2015, £146 million of the facility was drawn. The Company expects to repay this acquisition facility through the introduction of long-term financing and/or through additional issues of equity.
Dividend Timetable

Ex-dividend Date
10 March 2016
Record Date
11 March 2016
Payment Date
30 March 2016
 
Key Metrics
  

Net Asset Value
£279.1 million
Dividends per Share declared for the period
6.10 pence
NAV per Share
99.0 pence
Dividend Cover from relevant cash flows of the Company
1.50x
Gross Asset Value
£439.1 million
Share Price
100.0 pence
Total NAV Return*
5.50%
Market Capitalisation
£281.8 million
Number of Shares with Voting Rights 281,803,232
Total Shareholder Return* 4.81%

* Annualised from IPO and calculated in line with AIC methodology, which does not include dividends approved but not paid.
 
Commenting on today's results, Alexander Ohlsson, Chairman of Foresight Solar Fund Limited said:
 
"The Board is pleased with the progress made by the Company during the period and in particular that the full £285 million of equity proceeds raised has been invested in good time, and the majority of the £150 million acquisition facility drawn. The 16 asset portfolio is now fully operational and generating revenue for the benefit of the Company’s Shareholders. We believe the UK solar market remains attractive, and have identified a 150MW pipeline of assets that will support the growth of the Company over the next six months. We will deliver our first RPI-linked dividend of 6.10 pence for the year and are in the late stages of finalising a long-term financing strategy that, once implemented, will further underpin returns to investors.”
 
A conference call for analysts will be held at 9:00am on Monday 29th February. A presentation will be provided separately on the morning of the call.
 
A copy of the Annual Report can be found on our website.
 
To register for the call, please contact Eleni Menikou at Citigate Dewe Rogerson at Eleni.Menikou@citigatedr.co.uk, or by phone: +44 (0)20 7282 1086.
 
To read or print the Annual Results RNS in full from a pdf, click here 
 
For further information, please contact:
 
Foresight Group
Elena Palasmith epalasmith@foresightgroup.eu +44 (0)203 667 8100
 
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 
 
Notes to Editors
 
About Foresight Solar Fund Limited ("The Company" or "FSFL")
FSFL is a Jersey-registered closed-end investment company. The Company invests in ground based UK solar power assets to achieve its objective of providing Shareholders with a sustainable and increasing dividend with the potential for capital growth over the long-term.
 
The Company raised proceeds of £150m through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange in October 2013, and a further £60.1m through an Initial Placing and Offer for Subscription in October 2014.
 
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with c. £1.8 billion of assets under management. As one of the UK's leading solar infrastructure investment teams Foresight funds currently manage c. £1 billion in over 50 separate operating Photovoltaic ("PV") plants in the UK, the USA and southern Europe.
 
Foresight Group has offices in London, Guernsey, Nottingham, Manchester, Rome, and San Francisco. An office in Sydney is due to be opened in 2016.
 
www.foresightgroup.eu