Foresight Solar Fund Limited Net Asset Value announcement (2860Y)

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RNS Number : 2860Y

Foresight Solar Fund Limited

08 May 2019

Foresight Solar Fund Limited

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 31 March 2019, its unaudited Net Asset Value ("NAV") was GBP603.6 million (31 December 2018: GBP610.3 million), resulting in a NAV per Ordinary Share of 110.0 pence (31 December 2018: 111.2 pence). The decrease in NAV is mainly attributable to a downward revision of UK power price forecasts, revised short term inflation assumptions in line with the latest publication of the Office for Budget Responsibility and the unwinding of the discount rate.

The Gross Asset Value ("GAV"), including Company and subsidiaries, as at 31 March 2019, was GBP1,104.1 million (31 December 2018: GBP1,114.7 million).

The Company's equity discount rates used to value its investments remain unchanged. UK investments continue to be valued using an unlevered discount rate of 6.75% or a levered discount rate between 7.50% and 7.75% depending on debt structure. Australian operational assets continue to be valued using a levered discount rate of 8.5%.

Gearing

The Company's total outstanding debt as of 31 March 2019 was GBP500.5 million, including long-term debt of GBP395.5 million and Revolving Credit Facilities of GBP105 million. As at 31 March 2019, the total outstanding long-term debt of GBP395.5 million represents approximately 36% of GAV of the Company and Subsidiaries. The total outstanding debt including revolving credit facilities of GBP500.5 million represents approximately 45% of GAV of the Company and Subsidiaries.

Dividends

The Company remains on target to deliver an annual dividend of 6.76 pence per share for the year ending 31 December 2019.

For further information, please contact:

 
 Foresight Group 
 Joanna Andrews                         [phone] 
 ([e-mail]) 
 
 Stifel Nicolaus Europe Limited         [phone] 
 Mark Bloomfield 
 Neil Winward 
 Gaudi Le Roux 
 
 Citigate Dewe Rogerson                 [phone] 
 Nick Hayns 
 Elizabeth Kittle 
 Lucy Eyles 
 

LEI: 213800VO4O83JVSSOX33

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May 08, 2019 02:00 ET (06:00 GMT)