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Interim Results

Foresight NAV up

15 August 2016 07:28

Foresight Solar Fund's net asset value increased from £279.1 million at 31 December to £279.8 million at 30 June, taking the NAV per ordinary share to 99.3 pence (31 December 2015: 99.0 pence). Equity discount rate remains unchanged at 7.5%.

The company reached financial close on a £160 million long-term debt facility at attractive terms compared to other similar facilities closed within the renewable sector during the period.

The facility wholly refinanced the company's £150 million short-term acquisition facility previously in place.

In addition, the company has entered into a new, short-term revolving acquisition facility of £40 million with Santander. The short-term facility will provide the company with the flexibility to take advantage of future pipeline opportunities.

Having delivered the target dividend of 6.10 pence for the year to 31 December 2015, the first interim dividend of 1.54 pence per share was paid on 24 June 2016.

The company has paid all seven target dividends to date and remains on target to deliver a dividend of 6.17 pence for the financial year ended 31 December 2016.

The 16 asset, 338MW portfolio is fully operational and accredited following the 30MW Copley asset successfully qualifying for 1.3 Renewable Obligation Certificate ("ROC") banding.

Performance of the assets for the period was below the expectations of the Investment Manager due to a grid outage at the Bournemouth site and other isolated, non-recurring incidents. Energy generated from the portfolio amounted to 163.9 Gigawatt Hours ("GWh"), resulting in revenue of £8.6 million across the Company's portfolio, excluding compensation expected from insurable events and contracted liquidated damages.

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