Foresight Solar Acquires Spriggs Farm Array
Foresight Solar Fund has announced that it has agreed to acquire a 12MW operating asset. The asset, "Spriggs Farm" is located close to Stansted Airport in Essex and has been connected to the grid since March 19th 2014, thus qualifying for a 1.6 ROC level. Spriggs Farm was not included in the Company's IPO Prospectus.
At IPO, the Company's £150 million of funds were fully allocated to a portfolio of large scale UK solar assets. The 32.2MW, 2 ROC accredited, Wymeswold plant has been operational and accruing revenues for the Company since November 2013. The Company announced on 31st March 2014 the operational status of a further 39.6MW acquired from SunEdison and eligible for 1.6 ROCs.
The fourth SunEdison asset detailed in the Company's IPO Prospectus (Pitworthy "Holsworthy SPV") will be connected shortly and thus will qualify for 1.4 ROCs, the purchase price for this asset will be adjusted to achieve the same return to the Company.
The Company is finalising an acquisition facility as the remaining IPO proceeds will not extend to the acquisition of any single remaining asset as detailed in the Prospectus and to allow for the acquisition of further pipeline assets. The remaining assets detailed in the Company's IPO Prospectus will each be acquired as 1.4 ROC assets with their acquisition prices being adjusted accordingly.
The Company continues to see a strong availability of assets becoming available for acquisition and expects to double its operational capacity in the coming 12 months.
The Company confirms its intent to deliver a target dividend of 6p per ordinary share in respect of its first financial year, rising annually with RPI thereafter, and enabling the Company to support its strategy to sustain the NAV, offering the potential for further capital growth.
