FORESIGHT SOLAR FUND : FSFL – on target for a first year dividend of 6.0p

Foresight Solar Fund, which raised £150m in its IPO in October 2013 to develop a portfolio of solar assets in the UK, has announced it’s on track to deliver its target dividend of 6p per share for its first financial year. We expect there will be further announcement from Foresight Solar fund in August. If they get to 6p, the dividend will be equivalent to a 6% yield on FSFL’s issue price.

Foresight Solar Fund has a portfolio of seven assets, capable of generating 111MW, all of which is now fully operational (following the recent grid connection of the 10.7MW Hunters Race solar plant in West Sussex). The company expects to further expand its portfolio of assets to £250m by buying two more plants (in Kencot and Bournemouth – these deals will be finalised once the plants are operational). The new plants are expected to come on stream later this year, adding a further 74MW of capacity, and Foresight Solar Fund intends to finance the acquisition using a £100m bank facility that was announced in May.

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