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Trading statements

Foresight Solar Fund NAV up

11 May 2015 07:38

Foresight Solar Fund Ltd's net asset value increased from £209.8m at the end of December to £244.7m at 31 March. The NAV per ordinary share was 100.2p (31 December 2014: 100.9p).

The company raised £36.1m of gross proceeds in the second fundraising under its placing programme in March 2015. The acquisition of the 37MW Kencot asset reached financial completion on 27 March. The Company has the contractual right to all revenue generated by Kencot since the start of its operations in September 2014.

Other highlights:

- The company finalised the connection of the 2.2MW extension at its Wymeswold plant, increasing capacity by 7% to 34.4MW. The extension was connected to the Grid in March 2015 and will therefore be eligible for the 1.4 ROC rate.

- All 10 assets in the Company's 233MW portfolio are fully operational and, more critically, all received ROC accreditation ahead of the 31 March 2015 cliff edge deadline for ROC projects greater than 5MW.

- Several large project acquisitions are currently under consideration by the Company that are part of a significant pipeline of assets under exclusivity.

- The second interim dividend of 3.0 pence per ordinary share was paid on 27 March, representing a 6.0 pence dividend per ordinary share in respect of the company's first full financial period ended 31 December 2014.

- The first quarterly dividend of 1.52 pence in respect of the period from 1 January to 31 March 2015 was approved on 23 April and will be paid on 30 June.

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Related Company: FSFL

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