Welcome to Foresight Solar's monthly round-up, where we share our latest news and initiatives.&nbsp;Each month, we highlight key achievements to keep you informed about our latest projects and industry insights.&nbsp;

FSFL LinkedIn Round Up - February 2025

Foresight Solar News Round-Up: February 2025

FSFL LinkedIn Round Up - January 2025

Foresight Solar News Round-Up: January 2025

Tony Roper joined Foresight Solar's board of directors in November 2024 alongside Paul Masterton as part of FSFL’s succession plan. With direct infrastructure investment and deep directorial experience, he will help oversee the execution of FSFL's income and growth strategy and support our ambitions going forward.
In this Q&amp;A, he speaks about his background, his interest in joining FSFL, the role of the board, and the opportunities and challenges for investors.&nbsp;
&nbsp;
Who is Tony Roper?
I have always been a practical person, interested in how things work from a young age.&nbsp; This led to a degree in Engineering and an early career in the construction industry. From there, my interest in numbers and how large projects were financed led me to the financing of infrastructure projects and an accounting qualification.
I have been lucky to work with some amazing people and feel building the right teams has been part of my career progression. I am now able to help others as their careers develop.
The importance of stewardship when investing was instilled in me early on in my investment career and remains a key focus in my current roles.&nbsp;
&nbsp;
What is your professional background?
I was an infrastructure investor for 25 years, starting my career at John Laing before the launch of the Private Finance Initiative (PFI). I then joined HSBC Special Investments, where I took over the management of HICL – the first London-listed infrastructure investment company – and helped with the buy-out that created InfraRed Capital a few years later, as well as contributing to the successful IPO of TRIG in 2012.
Since retiring from day-to-day executive roles, I’ve taken on board responsibilities, still involved in the infrastructure and alternative asset sectors. I am currently chair to abrdn European Logistics Income Trust, which is now in wind down following a Strategic Review in early 2024, and also chair SDCL Energy Efficiency Income Trust.
&nbsp;
What made you want to join the Foresight Solar Board of Directors?
When you have been involved in the infrastructure investment industry for as long as I have, you get to know many of the market participants. Since the IPO in 2013, Foresight Solar is a fund I’ve followed as it has developed and grown.
From a performance perspective, FSFL has an investment proposition that is easy to understand, and it has consistently delivered against its objective to provide a progressive, sustainable dividend.
From a personal point of view, I have worked with advisors to the fund in other capacities and know of their competence and commitment.
When the opportunity came up, it was an easy decision to make.
&nbsp;
What is the most important part of a Board’s work?
The most critical part of a Board’s role is to provide effective oversight and strategic direction, ensuring that the fund achieves its goals and manages risk responsibly. This includes fostering a culture of accountability, maintaining strong governance, and balancing the interests of all stakeholders. In the current climate, meeting and listening to shareholders is as important as it has ever been.
A Board must also remain adaptable, guiding the organisation through evolving market conditions and regulatory landscapes, while safeguarding long-term value creation.
&nbsp;
What challenges do you see for investors in the near term?
Foresight Solar has done a good job of outlining its <a href="https://media.umbraco.io/foresight/er5fatkk/fsfl-cmd-presentation.pdf">income and growth strategy</a>. The balance between generating a steady yield and delivering additional growth from development-stage projects is well-suited to a market backdrop that has stopped listed funds from raising equity.
The divestment programme is a step in the right direction, and the stake sale in the Lorca portfolio helped prove valuation, but investors are expecting more news following the announcement of the Australia sale process.
Equally, there has been steady progress with the proprietary development pipeline, which has grown to almost 1GWp. This good work should continue while projects come through the different phases and we capture value for shareholders.
FSFL now needs to deliver on its promises in terms of performance, disposals, and value appreciation from the development pipeline. In addition, alternatives investment trusts are seeing prolonged share prices discounts to prevailing net asset values and both boards and managers need to find ways to narrow these discounts. This will be a key focus for FSFL in 2025, as well as continuing to maintain good operating performance and closing the sale of the Australian investments.

Q&A with Tony Roper

Paul Masterton joined Foresight Solar's board of directors in November 2024. With deep managerial expertise and strong infrastructure oversight experience, he will help oversee the execution of Foresight Solar's strategy and support our growth ambitions.
In this Q&amp;A, Paul speaks about his background, his interest in joining FSFL, the role of the board, and the opportunities and challenges for investors.
&nbsp;
Who is Paul Masterton?
My professional career has been defined by curiosity, a desire to learn, and the ambition to bring out the best in myself and in those I work with. Part of the reason I stayed at RR Donnelley for nearly 30 years was because it offered me the opportunity to continue to improve. During my time there, I held roles in sales management, operations and business development in the US, Asia and Europe.
The move to become the CEO of the Durrell Wildlife Conservation Trust and start my non-executive career presented two very different tasks and another great opportunity for growth.
When the Foresight Solar team approached me to be a NED, it appealed to me because I felt there was much I could contribute whilst also learning from my fellow directors and the investment management team. I’m looking forward to getting involved as the fund fully implements its income and growth strategy.
&nbsp;
What is your professional background?
I spent almost three decades at RR Donnelley, a Fortune 500 company that provides printing, marketing and business communications. In that time, I worked with teams around the world, overseeing large-scale operations and leading innovation initiatives. My last role was managing the business’ European activities, and it was an opportunity to implement the management and governance knowledge I’d gathered, as well as foster sustainable growth.
Over the last several years, I have used that experience in advisory and non-executive positions, including on the board of directors of 3i Infrastructure, the £3.5 billion investment trust. During my tenure, I was involved in the fund’s pivot to a core plus strategy that proved immensely successful for shareholder returns.
&nbsp;
What made you want to join the Foresight Solar Board of Directors?
I was drawn to Foresight Solar's commitment to long-term value creation for stakeholders and to sustainability.
The business is inherently aligned with the global economy’s need to move away from carbon emissions, and joining the Board allows me to leverage my strategic and operational expertise in the support of an organisation at the forefront of the energy transition.
&nbsp;
What is the most important part of a Board’s work?
One of the main elements, if not the most important, is ensuring a culture that meets legal and regulatory responsibilities, together with a balanced approach to scrutiny, challenge and support of the company and the investment management team. All this while keeping shareholders and broader stakeholders fully in mind.
&nbsp;
What challenges do you see for investors in the near term?
In the near term, investors face macroeconomic headwinds, such as higher for longer interest rates and geopolitical instability.
The transition to a lower carbon economy presents risks, but it also offers plenty of opportunities. A government in the UK with a strong majority in Parliament to push through its supportive renewable energy measures, stabilising power prices and falling interest rates – even if not to the level seen in the 2010s – are positive tailwinds for Foresight Solar and I’m confident the fund is well placed to capitalise on the opportunities.

Q&A with Paul Masterton

The AGM will take place on Wednesday, 12 June 2024, at 9:30am at JTC House (28 Esplanade, St. Helier, Jersey, JE2 3QA).
Below are instructions on how to vote your shares:
Directly registered shareholders
<ul>
<li>Vote Online: log in to <a href="http://www.eproxyappointment.com/Login">eproxyappointment.com/Login</a> using the details on the form of proxy or in the email you received on 13 May 2024, depending on your mailing preference.</li>
<li>By post – complete the form of proxy and return it in the pre-paid envelope that you would have received in the post. If you did not receive a proxy form and pre-paid return envelope in the post, please contact the Company’s registrar at:</li>
</ul>
 
Post:                    
Computershare Investor Services (Jersey) Limited
The Pavilions
Bridgwater Road Bristol
BS99 6ZZ
 
Telephone:
+44 (0) 370 707 4040 (Monday to Friday, excluding public holidays, between 9:00am and 5:30pm)
 
Please note that proxy forms must be completed and received by Foresight Solar’s registrar no later than 09:30am on Monday, 10 June 2024.
 
Beneficial shareholders who hold shares through a broker or nominee
Most brokers have a deadline of at least 5 working days prior to the official vote deadline to allow time to collate and submit individuals votes.
As the vote deadline for this AGM is 10 June 2024, we are urging shareholders to vote before Wednesday, 5 June 2024, at the latest.
By nominee or broker – if you hold your Foresight Solar (FSFL) shares through a CREST nominee or broker you will need to instruct them on how to vote.
If you have not received any correspondence from your broker, we advise you to contact them immediately and instruct them to vote on your behalf for the Foresight Solar Fund Limited Annual General Meeting being held on the 12 June 2024. Please also quote Foresight Solar’s ISIN: JE00BD3QJR55 or SEDOL: BD3QJR5 code so they can identify the relevant event.
 
Platforms
If you hold your shares through an execution-only platform, please contact them directly to ensure they vote according to your preferences.
 
AJ Bell
Instruct AJ Bell directly with how to vote your shares. To do this, log into your AJ Bell account and send them a secure message confirming how you want to vote for each resolution.
You may need to include general information, such as Foresight Solar Fund Limited, Annual General Meeting being held on the 12 June 2024, ISIN: JE00BD3QJR55 or SEDOL: BD3QJR5.
More information is on AJ Bell’s website.
 
Barclays Smart Investor
Log into your online Barclays account and send them a secure electronic instruction stating how you wish to vote on each resolution.
You may need to include general information, such as Foresight Solar Fund Limited, Annual General Meeting being held on the 12 June 2024, ISIN: JE00BD3QJR55 or SEDOL: BD3QJR5.
For support, contact Barclays on 0207 116 1000 / 0800 279 3667.
 
Fidelity
Log in to your online account and opt in to vote your shares.
Once logged in, select “Profiles”, then “Preference centre” at the top of the page. In the preference centre, click on “Shareholder voting &amp; information” and opt in.
You'll then receive a one-time key passcode to activate your account, then you'll need to create a username and password with Broadridge, where you can cast your vote.
Alternatively, you can call Fidelity on 0800 414161.
 
Halifax (HSDL)
Log into your HSDL account online, or in the app, select “Account Management” then “Important Notifications” to advise them on how you would like to vote your shares.
More information can be found on the Halifax website: <a href="http://www.halifax.co.uk/investing/help-and-guidance/existing-customer/what-is-a-corporate-action.html">www.halifax.co.uk/investing/help-and-guidance/existing-customer/what-is-a-corporate-action.html</a>.
For support, contact HSDL on 0345 722 5525.
 
Hargreaves Lansdown (HL)
Instruct HL directly on how to vote your shares. To do this, log into your account and send them an electronic instruction using their “online election” facility.
You may need to include information, such as Foresight Solar Fund Limited, Annual General Meeting being held on the 12 June 2024, ISIN: JE00BD3QJR55 or SEDOL: BD3QJR5.
More information is available on HL’s website.
 
Interactive Brokers
To make sure they receive your instructions, you will need to create a web ticket by logging in to Interactive Brokers portal, opening the “Help” menu and navigating to the “Secure Message Center”. Then click “Compose” and open a new ticket in the “Account Services” category. You will be prompted to select a topic, which should be “Corporate Actions/Dividends”.
More information is available on their website: <a href="https://www.interactivebrokers.co.uk/en/trading/corp-action-instructions.php">www.interactivebrokers.co.uk/en/trading/corp-action-instructions.php</a>.
 
Interactive Investors
Instruct Interactive Investors directly on how to vote your shares. In your online account, you can vote in the “Voting Mailbox”, under “Portfolio”.
More information is available on their website. Alternatively, for support, you can contact Interactive Investor on 0345 607 6001.
As a reminder, you can find the Board recommendations in our Notice of AGM. Below is a suggested proxy form as per the Directors’ suggested approach:
 
<table border="0" width="737" style="width: 730px;">
<tbody>
<tr>
<td colspan="2" width="602" style="width: 660px;">
Ordinary Resolutions:
</td>
<td width="60" style="text-align: center; width: 70px;">
For/Against
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
1
</td>
<td width="564" style="width: 614px;">
 
To receive and adopt the Company’s annual accounts for the financial year ended 31 December 2023 together with the directors’ report and auditors’ report on those accounts
 
</td>
<td width="60" style="text-align: center; width: 70px;">
 For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
2
</td>
<td width="564" style="width: 614px;">
 
That the directors’ remuneration report (excluding the directors’ remuneration policy), as set out on pages 113 to 114 of the Company’s annual report and audited financial statements for the financial year ended 31 December 2023, be approved.
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
3
</td>
<td width="564" style="width: 614px;">
 
To approve the directors’ remuneration policy, as set out on page 114 of the Company’s annual report and audited financial statements for the financial year ended 31 December 2023, which takes effect immediately after the end of annual general meeting
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
4
</td>
<td width="564" style="width: 614px;">
 
To approve the Dividend Policy as set out on page 4 of the circular to shareholders dated 13 May 2024
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
5
</td>
<td width="564" style="width: 614px;">
 
To re-appoint Alexander Ohlsson as a director of the Company
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
6
</td>
<td width="564" style="width: 614px;">
 
To re-appoint Ann Markey as a director of the Company
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
7
</td>
<td width="564" style="width: 614px;">
 
To re-appoint Monique O’Keefe as a director of the Company
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
8
</td>
<td width="564" style="width: 614px;">
 
To re-appoint Chris Ambler as a director of the Company
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
9
</td>
<td width="564" style="width: 614px;">
 
To elect Lynn Cleary as a director of the Company
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
10
</td>
<td width="564" style="width: 614px;">
 
To re-appoint KPMG LLP as the Company’s auditors to hold office from the conclusion of this annual general meeting until the conclusion of the next annual general meeting at which accounts are laid before the Company
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
11
</td>
<td width="564" style="width: 614px;">
 
To authorise the directors of the Company to determine the auditors’ remuneration.
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
12
</td>
<td width="564" style="width: 614px;">
 
To approve and adopt the proposed investment objective and investment policy set out in (pages 14 to 19) of the circular to shareholders dated 13 May 2024, a copy of which has been produced to the meeting and signed by the Chair for the purpose of identification, as the investment objective and investment policy of the Company to the exclusion of all previous investment objectives and investment policies of the Company with effect from the conclusion of the meeting
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td colspan="3" width="737" style="width: 730px;">
Special Resolutions:
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
13
</td>
<td width="564" style="width: 614px;">
 
To grant the Director’s authority to allot ordinary shares up to 10% of the Company’s issued share capital.
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
14
</td>
<td width="564" style="width: 614px;">
 
The Company be and is hereby generally and unconditionally Authorised pursuant to and in accordance with Article 57 of the Companies (Jersey) law, 1991 to make market purchases of its own ordinary shares up to 14.99% of the aggregate number of Ordinary Shares in issue
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
15
</td>
<td width="564" style="width: 614px;">
 
THAT, subject to resolution 14 being passed, the Company be and is hereby generally and unconditionally authorised to cancel any shares it repurchases pursuant to resolution 14 or pursuant to Article 58A(1)(b) of the Companies (Jersey) Law, 1991
 
</td>
<td width="60" style="text-align: center; width: 70px;">
For
</td>
</tr>
<tr>
<td width="38" style="width: 46px;">
16
</td>
<td width="564" style="width: 614px;">
 
THAT, the Company cease to continue in its present form under Article 168 of the Company’s Articles of Association.
 
</td>
<td width="60" style="text-align: center; width: 70px;">
Against
</td>
</tr>
</tbody>
</table>

Voting at Foresight Solar’s Annual General Meeting

Foresight Solar’s recent Capital Markets Event provided a wealth of insights into the current state and future prospects of renewable infrastructure investment. Below are the key highlights from the sessions on the afternoon of 13 May 2024.
 
Operational excellence
FSFL’s operating solar portfolio is the best in the UK. Our sites consistently outperform peers in converting solar irradiation into electricity – a true measure of asset management's contribution – thanks to our dedicated team's decade-long experience and consistent application of advanced techniques.
Our focus remains on improving operational availability and maximising revenue potential. This commitment to operational excellence underpins our goal of enhancing both financial performance and investor returns.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://media.umbraco.io/foresight/guzdg0pa/fsfl-annual-production-graph.png?width=500&amp;height=196.6386554621849" alt="" width="500" height="196.6386554621849">
 
Sustainable, progressive income
Ross Driver, Foresight Solar’s lead fund manager, and Toby Virno, a member of the fund’s investment team, highlighted our robust capital allocation strategy, demonstrating that net operational cash flows of £71 million comfortably covered the £44 million in dividend payments for 2023.
This financial strength allowed the Board of Directors to propose a 6.0% increase in the annual dividend to 8.00 pence per share for 2024, reflecting our dedication to delivering consistent income to shareholders.
With a UK portfolio of 50 assets, Foresight Solar is well-positioned to capitalise on the energy transition, presenting significant investment opportunities and ensuring long-term dividend cover and growth.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://media.umbraco.io/foresight/4z3pzbty/fsfl-dividend-stats-2024.png?width=500&amp;height=180.43844856661045" alt="" width="500" height="180.43844856661045">
 
Amplifying returns with an element of growth
In the current environment, merely generating income isn’t enough. Foresight Solar is also focusing on delivering total shareholder returns.
During the CME, Ross, Toby and Carlos Rey, Foresight Group’s Head of Iberia, outlined FSFL’s strategy to build a 2GW to 3GW development pipeline. This approach aims to deliver a steady flow of ready-to-build assets that can be sold or constructed, generating direct financial upside for investors.
This proprietary pipeline is set to be Foresight Solar’s growth engine. By buying projects early, building them, refinancing on favourable terms, and securing income streams through the likes of long-term PPAs, we can feed cash back into the fund and to our shareholders.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://media.umbraco.io/foresight/n10cy1b3/fsfl-target-development-pipeline-chart.png?width=500&amp;height=188.23529411764707" alt="" width="500" height="188.23529411764707">
 
Acting in shareholders’ best interests 
Despite a challenging 2023 for renewable infrastructure investment trusts, marked by rising interest rates and sector-wide de-rating, Foresight Solar delivered on its promises to investors:
<ul>
<li>Increasing the 2024 target dividend by 6.0% to 8.00 pence per share, reflecting over 30% growth since IPO.</li>
<li>Returning £32 million to investors through a £40 million share buyback program.</li>
<li>Reducing £40 million of the revolving credit facility (RCF) from free cash flow, achieving a £75 million undrawn balance and minimizing interest rate exposure.</li>
<li>Expanding our proprietary development pipeline to ensure future growth and income.</li>
</ul>
These initiatives protected shareholder interests and demonstrated our Board’s confidence in the fund’s operations and valuations. That’s also why directors unanimously recommend investors vote against discontinuation at the upcoming June annual general meeting.
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://media.umbraco.io/foresight/3wvfsmv4/fsfl-capital-markets-event-2024.jpg?width=500&amp;height=279.5275590551181" alt="" width="500" height="279.5275590551181">
 
A general election and the future of renewables
As the UK heads towards a potential change of government, the implications for renewable infrastructure investors and the country’s net zero ambitions are significant. Ross was joined by Claire O’Neill, former Minister of State for Energy and Clean Growth and COP26 President-Designate, to discuss solar power in an evolving political landscape and the global decarbonisation race.
Claire emphasised the urgency for the UK to reclaim its leadership in renewable energy by streamlining planning processes and accelerating project deployment. These actions are critical to meeting the country's ambitious decarbonisation targets.

FSFL Capital Markets Event Round-Up

Capital Markets Event Round-Up

Ross Driver recently presented Foresight Solar’s total shareholder return (TSR) strategy at the Stifel Infra &amp; Renewables Seminar. He explained how it’s an “and” approach, with FSFL targeting an element of net asset value (NAV) growth on top of the fund’s sustainable, progressive dividend policy.
With the operational portfolio reliably producing electricity and generating cash, the opportunity will come from building out the existing c.500MW pipeline to up to 3GW of development and ready-to-build-stage projects that are able to provide optionality, facilitate capital recycling and drive growth.
 
Changing macro environment has direct read across to real assets
Rapid rise in yields has eroded the spread in return offered by renewables
<img src="https://media.umbraco.io/foresight/pa5n0cjj/image.png" alt="" width="500" height="207.97720797720797">
 
Negative correlation between surging gilt yields and investment company share prices
<img src="https://media.umbraco.io/foresight/324lqlh5/image.png" alt="" width="500" height="197.54253308128546">
 
Foresight Solar Fund: Snapshot as at Q3 2023
Total Return focus viewed through a combination of fund actions 
<img src="https://media.umbraco.io/foresight/saekdj4t/image.png" alt="" width="500" height="470.50359712230215">
 
Financial outlook:
FY dividend target of 7.55pps on track
<ul>
<li>~7.9% forward dividend yield</li>
<li>25% increase since IPO</li>
</ul>
1.5x target net dividend cover until at least 2025
 
Capital allocation
<ul>
<li>c.200MW divestment programme: proceeds for reducing debt and returns-accretive investments</li>
<li>Sale of 50% stake in the 99MW Spanish Lorca portfolio at 21% premium to holding value</li>
<li>First development-stage investment: 467MWp pipeline of solar projects in Spain</li>
<li>Started paying down RCF from extra cash</li>
<li>Expanded share buyback programme allocation to up to £40m</li>
</ul>
 
FSFL approach to capital allocation is centred on income AND growth
Strategy involves prudence, focus on return accretion and optionality
<img src="https://media.umbraco.io/foresight/hohpmlrr/image.png" alt="" width="500" height="246.54150197628456">
 
Case study: Lorca construction, optimisation and partial exit provides multiple uplifts 
Demonstrable track record of bringing assets through construction is key
<img src="https://media.umbraco.io/foresight/yptlgc1x/image.png" alt="" width="500" height="259.0597453476983">
 
Future growth: Building a strong, diversified pipeline across multiple markets 
UK and Europe provide significant opportunities in solar PV and BESS
<img src="https://media.umbraco.io/foresight/zkmcugm2/image.png" alt="" width="500" height="278.7996127783156">

Ross Driver presents FSFL's total shareholder return (TSR) strategy

Foresight Solar turns 10! A pioneer in renewable energy investment, FSFL was the UK’s largest investment trust dedicated to solar when it completed its initial public offering in 2013. In the decade since, it has continued to grow, deploying approximately £1.3 billion to build and manage a portfolio of 61 assets in the UK, Australia and Spain - responsible for roughly 1.1GW of generating capacity. The fund has delivered an annualised total NAV return of 8.3%, and an investment in one FSFL share when it went public would have provided a total shareholder return of almost 70% to 30 June 2023. In the video below, Ross Driver, Fund Manager for Foresight Solar, and Ricardo Piñeiro, Partner and Head of Infrastructure at Foresight Group, visit Wymeswold solar farm – our very first site – to reflect on the past decade and discuss what's to come.
<div class="mceNonEditable embeditem" data-embed-url="https://vimeo.com/877114956/e2378ace01?share=copy" data-embed-height="360" data-embed-width="100%" data-embed-constrain="true"><iframe src="https://player.vimeo.com/video/877114956?h=e2378ace01&amp;app_id=122963" width="100%" height="360" frameborder="0" allow="autoplay; fullscreen; picture-in-picture"></iframe></div>

Powering Progress: Foresight Solar turns 10

Social value looks to capture and quantify the additional positive value that a business creates. Historically, quantifying social value in financial terms has been difficult to do, but increased visibility of inequality and unrest has been a key factor in driving capital towards socially impactful and community-focused investment strategies. The growing awareness has meant a greater need for this type of assessment.
In 2022, the Investment Manager conducted an exercise to quantify the social value attributable to the Company’s portfolio using the themes, outcomes, and measures (“TOMs”) framework managed by the Social Value Portal. This methodology ties specific measures to social outcomes, all of which have an associated monetary value, allowing for the calculation in sterling terms.
Each monetary value is broken down and apportioned into three areas: benefit to individuals, benefit to the community and benefit to the government.
The Investment Manager identified the commonalities between the TOMs framework and the metrics the Company reports, resulting in the calculation of the portfolio’s total social value. The results are set out in the table on this page.
As the integration of sustainability and ESG factors into investment and asset management processes continues to advance, social value potential may be included as a contributing factor to investment decision-making to inform where capital can be best directed.&nbsp;

Case Study: Measuring the social value the company generated in financial terms

Measuring the social value the company generated in financial terms

Foresight Solar (FSFL) announced its Q4 2022 Net Asset Value rose slightly to £771.5 million on 31 December 2022. Virgen del Carmen, the latest Spanish project to reach operation, and higher than expected short-term inflation were the main drivers of the rise. Overall, the portfolio generated 2.3% more electricity than expected: UK production was 8.6% higher than forecast, whilst Australia was 12.5% below. Strong operational performance and power price hedges resulted in 1.74x dividend cover for FY22, with dividend cover for FY23 expected to be at least 1.50x. Looking to the future, FSFL has a pipeline of development-stage assets and battery storage projects that offer potential to further grow the NAV.
We look forward to FSFL’s full-year results on 15 March.

Q4 2022 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 and battery storage assets in the UK and internationally,&nbsp;is pleased to announce that it has entered into a 10-year Power Purchase Agreement (“PPA”) over the electricity to be generated at the Company’s 98.5MW solar portfolio in Spain.
The counterparty to the PPA is Statkraft, Europe’s largest producer of renewable energy, developing, building and operating solar, hydro, wind and gas assets.
The portfolio comprises three subsidy-free greenfield assets located in the Andalusia region of Spain and was acquired by the Company on 31 December 2020. It is on track to begin operations in June 2022.
The PPA provides Foresight Solar with a 10-year fixed price for around 70% of the portfolio’s annual production and increases the Company’s earnings visibility.
Commenting on the PPA,&nbsp;Ross Driver, Director at Foresight, said:&nbsp;“We are delighted to have secured this PPA with Statkraft.&nbsp; It secures an attractive level of contracted revenues for our Spanish portfolio over a 10 year period and represents another significant milestone in the development of Foresight Solar’s international operations.”
Alfonso Martinez, Investment Manager at Foresight, commented&nbsp;“This PPA further consolidates our excellent working relationship with Statkraft and reinforces our strong position in the unsubsidized renewable energy market in Spain.”
The Company has been advised by Osborne Clarke – Madrid Office – (legal) and ONE (strategic PPA advisor).

Foresight Solar announces Power Purchase Agreement with Statkraft regarding its 98.5MW Spanish solar portfolio

FSFL announces deal with Statkraft regarding its 98.5MW Spanish solar portfolio

<a rel="noopener" href="https://www.foresightgroup.eu/media/gnbamulp/foresight-new-joiner-ross-driver-foresight-solar-fund-limited-2021.pdf" target="_blank" title="Foresight New Joiner Ross Driver Foresight Solar Fund Limited 2021">Click here</a>&nbsp;to view the announcement as a PDF
London, 02 November 2021:&nbsp;Foresight Group (“Foresight”), a leading listed sustainable real assets and private equity investment manager, is pleased to announce that Ross Driver has joined the sustainable real assets division of Foresight.
Based in London, Ross will focus on supporting Foresight Solar Fund Limited (“FSFL”) as part of its senior management team and delivering the investment objective of the company.
Prior to joining Foresight, Ross worked in the infrastructure teams at InfraRed Capital Partners, John Laing Plc and KPMG. Through this he developed extensive renewable energy and core infrastructure investment experience across the EMEA and US.
Commenting on Ross’ appointment,&nbsp;Ricardo Piñeiro, Partner at Foresight, said:&nbsp;“We are delighted to have Ross on board. His extensive knowledge and experience will be a valuable asset as we continue to build out FSFL’s solar and battery storage international portfolio.”
Ross Driver&nbsp;added:&nbsp;“I&nbsp;am very pleased to be joining FSFL and look forward to contributing to the continued success and growth of the business in the sustainable energy and infrastructure markets.”

Ross Driver joins Foresight as Director to support Foresight Solar Fund Limited

The EUR 120 million refinancing of ForVEI II was provided by Natixis and Santander
London/Rome – ForVEI II, the Joint Venture between&nbsp;Foresight Group&nbsp;and&nbsp;VEI Green II, formally completed the refinancing of a portfolio consisting of 44 solar PV plants. The assets have a capacity of approximately 45MW and are located in Italy: Abruzzo, Veneto, Puglia, Marche, Campania and Sicily. The solar PV plants have been fully operational since 2009-2011 and benefit from a long-term Feed in Tariff (“FiT”) scheme awarded by the GSE.
The underwriting of the transaction - of EUR 118.9 million – was provided by Natixis, Santander and BPM, acting as MLAs and included a senior debt facility and a DSR facility. BNL provided support as the account management bank. Other lenders are expected to be joining shortly after as part of the syndication. This transaction allows ForVEI II to optimize its financial and operational structure, through a rationalisation of the assets, supporting the Company's future growth.
Federico Giannandrea, Partner &amp; Head of Southern Europe at Foresight, commented: "ForVEI II is one of the first multi-shareholder co-investments platforms in Italy, capable of attracting different active investors as well as aggregating smaller individual projects for the creation of economies of scale. This refinancing, one of the most significant among those finalised in Italy in 2021, allows us to further optimise the portfolio and our management capacity. At the same time, we hope to maximise returns and generate a stable yield for all shareholders."
Enrico Orsenigo, Managing Director of VEI Green II, said: “ForVEI II has completed another important step in its journey and is now well positioned to strengthen its role within the southern European solar PV market. Our approach to renewables is to set a new paradigm, combining legal, technical and financial skills with an asset class in a progressive evolution. The team is well positioned to take on this market opportunity – one that has the potential to be the backbone of European energy production.”
ForVEI II was supported by PwC as financial and tax advisor and by Fichtner as technical advisor. Bird &amp; Bird and Gianni &amp; Origoni acted as legal advisors and Marsh as insurance due diligence advisor.
ForVEI II is the second vintage of the investment platform focused on solar PV plants. It was launched in 2018 by Foresight Group, a leading listed infrastructure and private equity investment manager with approximately EUR 8 billion of assets under management, and VEI Green II Srl, the investment company dedicated to renewable energy and controlled by Palladio Holding. Among the investors there is NWS Holdings Limited, the Hong Kong listed specialist infrastructure investor with over EUR 30 billion of AUM, and the family office FinCarl.
ForVEI II followed the launch of ForVEI, the first solar PV joint venture between Foresight and VEI Green, the ninth solar PV operator in Italy with a total capacity of 89 MW, established in 2011 and sold to Erg in 2018.
For more information contact:
Citigate Dewe Rogerson (PR to Foresight):
Will Easton:&nbsp;<a href="mailto:foresight@citigatedewerogerson.com">foresight@citigatedewerogerson.com</a>&nbsp;/ +44 (0) 7860 753146
&nbsp;
NOTES TO THE EDITORS
About Foresight Group LLP (“Foresight”):
&nbsp;
Foresight is a listed infrastructure and private equity investment manager which has been managing funds on behalf of institutions and retail clients for more than 35 years. Foresight has over £7.2 billion of assets under management across a number of funds on behalf of institutional and retail investors. Funds managed by Foresight include the ownership of 162 solar projects globally, 31 onshore wind projects, 43 bioenergy and waste facilities in the UK and Europe and 26 reserve power assets. Foresight also invests in the wider infrastructure sector including hydro, battery storage and waste management and wastewater treatment projects. Together, its projects have a potential generating capacity of over 2.7 GW, enough clean renewable electricity to power more than one million UK homes every year.
&nbsp;
Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Edinburgh, Cambridge, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Madrid and Luxembourg.
&nbsp;
foresightgroup.eu
&nbsp;
About VEI Green II
VEI Green II started its activity in late 2018 with the support and commitment of Palladio Holding S.p.A and created its three different co-investment platforms.
The first step in their strategy was developed through ForVEI II and the second, a platform by VEI Greenfield, this targets PV plants in grid parity. The third was created in partnership with Illimity bank in the Renewable UTP/NPL business.
VEI Green II is exploring new opportunities in the Italian energy transition sector, such as hydrogen and storage. This is to be developed with strategic partners with industrial experience.
VEI Green II combines financial resources with professional skills, proposing a sustainable growth model from an environmental and financial perspective.
veigreen.it

Foresight Group & VEI Green II announce the refinancing of 50MW solar PV portfolio

<a rel="noopener" href="https://www.foresightgroup.eu/media/lllgmlk4/carol-thompson-appointment-solar-technology-vct-board-30032021.pdf" target="_blank" title="Carol Thompson Appointment Solar &amp; Technology VCT Board 30.03.2021">Click here&nbsp;</a>to view the announcement as a PDF.
London, 30 March 2021:&nbsp;Foresight Group (“Foresight”), a leading infrastructure and private equity investment manager is pleased to announce the appointment of Carol Thompson as Director on the Board of Foresight Solar &amp; Technology VCT plc (“the Company”).
In her new role, Carol will serve as a non-executive director, as well as chairing Foresight Solar &amp; Technology VCT’s audit committee.
Carol brings over 25 years’ experience in governance and strategic financial management to her new role, and has spent large parts of her career as a board member in technology and regulated businesses. She has held senior positions at Hellman &amp; Friedman, a leading private equity investment firm, and JP Morgan. She has also held non-executive and advisory roles at a number of firms including Livingbridge, DWF and JP Morgan.
Andrew Bloxam, Director at Foresight, said: “I am looking forward to working with Carol, her track record speaks for itself and her industry experience, guidance and expertise will prove invaluable in helping us as we grow the new Foresight Williams Technology share class."
Carol Thompson added: “I am delighted to be joining the Board of Foresight Solar &amp; Technology VCT plc at such an exciting time as they develop the new Foresight Williams Technology share class. The Company plays a vital role in supporting early-stage and innovative companies in the UK and I am very much looking forward to working with the team to support and further expand the existing portfolio of companies.”
For more information contact:
Citigate Dewe Rogerson (PR to Foresight):
Patricia De Bidegain:&nbsp;<a rel="noopener" href="mailto:foresight@citigatedewerogerson.com" target="_blank">foresight@citigatedewerogerson.com</a>&nbsp;/ +44 (0) 7921 353 825
Will Easton:&nbsp;<a rel="noopener" href="mailto:foresight@citigatedewerogerson.com" target="_blank">foresight@citigatedewerogerson.com</a>&nbsp;/ +44 (0) 7860 753146
&nbsp;
<h3>ENDS</h3>
&nbsp;
Notes to Editors
About Foresight Group LLP (“Foresight”):
Foresight is an award-winning listed infrastructure asset and private equity investment manager that specialises in providing investment opportunities in difficult-to-access private markets to both institutional and retail investors using ESG-oriented strategies. It has been managing investment funds on behalf of institutions and retail clients for more than 36 years.
Recently floated on the main market of the London Stock Exchange under ticker FSG, Foresight had c.£6.8 billion of Assets Under Management as at 30 September 2020.
Foresight’s Infrastructure team comprising 107 investment, portfolio and technical professionals currently manages more than 290 renewable generation assets globally, with a total generating capacity of 2.7GW.
Foresight’s Private Equity Team, comprising over 30 investment professionals, manages £700 million in a portfolio of more than 100 companies and pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.
Foresight has offices in London, Rome, Madrid, Luxembourg, Sydney, Manchester, Nottingham, Edinburgh, Cambridge, Milton Keynes, Leicester and Guernsey.
<a href="http://www.foresightgroup.eu/">www.foresightgroup.eu</a>

Foresight Solar & Technology VCT appoints Carol Thompson as Director

Click&nbsp;<a rel="noopener" href="https://www.foresightgroup.eu/media/u1jcrceg/foresight-enters-into-a-joint-venture-with-island-green-power-to-develop-700mw-of-uk-solar-pv-projects-221020-final.pdf" target="_blank" title="Foresight Enters Into A Joint Venture With Island Green Power To Develop 700MW Of UK Solar PV Projects 22.10.20 FINAL">here</a>&nbsp;to download the announcement.
London, 22 October 2020:&nbsp;Foresight Group LLP (“Foresight”) and Island Green Power&nbsp; (“Island GP”) are pleased to announce the formation of a joint venture (“JV”) to develop a pipeline of greenfield solar projects across the UK.
The JV aims to develop five projects located in England and Wales, with a total generating capacity of close to 700MW.
Peter Bolton, Director, Foresight&nbsp;added:&nbsp;“As a highly experienced renewable energy investor, Foresight is well positioned for the anticipated second phase of growth in the UK solar sector. Opportunities for asset optimisation and a continual reduction in capital costs will make unsubsidised solar investment increasingly attractive. Island GP has a strong track record of solar development and continues to develop a high-quality pipeline of new sites. The joint venture’s five projects will help increase the UK’s proportion of generating capacity from renewable energy sources, as is required by the Government’s “net zero” targets.”
Ian Lawrie, Director of Island GP UK&nbsp;commented: “Having successfully developed in excess of 1GW of solar projects in Australia, UK, Ireland and Spain we are delighted to have formed a joint venture with Foresight that allows us to accelerate our development efforts in the UK. Foresight is a leading investor in renewables infrastructure and we look forward to growing their solar portfolio as the energy revolution continues. We had several suitors wanting to enter into a similar joint venture with us and we are delighted that Foresight came through in the most efficient manner and with the best deal for Island Green Power”
This agreement with Island GP is the second JV Foresight has entered into in as many months, following the announcement in September with Elgin Energy to develop 200MW of solar PV assets across the UK.
Advisers to Island GP
Legal: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bird &amp; Bird
Advisers to Foresight
Legal:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osborne Clarke

Foresight enters into a joint venture with Island Green Power to develop 700MW of UK solar PV projects

<a rel="noopener" href="https://www.foresightgroup.eu/media/glchwi4g/elgin-energy-and-foresight-enter-a-joint-venture-to-develop-200mw-of-uk-solar-pv-projects.pdf" target="_blank" title="Elgin Energy And Foresight Enter A Joint Venture To Develop 200MW Of UK Solar PV Projects">Click here&nbsp;</a>for the PDF.
London, 23 September 2020:&nbsp;Foresight Group (“Foresight”) and Elgin Energy&nbsp; (“Elgin” or “Elgin Energy”) are pleased to announce the formation of a joint venture (“JV”) to develop a pipeline of greenfield solar projects across the UK.
The JV aims to develop six projects located in England, Wales and Scotland, with a total generating capacity of 200MW.
Ronan Kilduff, Managing Director of Elgin Energy&nbsp;commented: “This important partnership with Foresight, a leading player in the UK solar industry, further enhances Elgin Energy’s successful transition into a post-subsidy world - fulfilling our 2020 vision of delivering large-scale, unsubsidised projects to market.”
Peter Bolton, Director, Foresight&nbsp;added: “At Foresight we are pursuing opportunities for our investors that can offer strong returns from de-risked structures. We see solar PV enjoying a second phase of growth driven by continuing optimisation of assets and the ongoing reduction in the capital costs. The need to meet “net zero” targets and the potential reintroduction of Government support will further encourage the deployment of utility scale solar.&nbsp;Elgin has a strong track record and we look forward to building our relationship into the future.”
Advisers to Elgin Energy
Financial: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carntyne
Legal: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MKB Law
Advisers to Foresight
Legal:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osborne Clarke

Elgin Energy and Foresight enter a joint venture to develop 200MW of UK solar PV projects

<a rel="noopener" href="https://www.foresightgroup.eu/media/j5lb31tz/foresight-acquires-261mw-subsidy-free-solar-project-in-andalusia-final.pdf" target="_blank" title="Foresight Acquires 26.1MW Subsidy Free Solar Project In Andalusia FINAL">&nbsp;Click here</a>&nbsp;to view the PDF.
London/Madrid, 09 September 2020:&nbsp;Foresight Group LLP (“Foresight”) is pleased to announce the successful acquisition of the 26.1MW Virgen del Carmen subsidy-free solar power project Huelva, south-west Spain. The project has been acquired by Foresight Solar Fund Limited (“Foresight Solar”, “FSFL” or “the Fund”) and represents the first subsidy-free and the first Continental European project adding to Foresight Solar’s 869MW diversified international portfolio which makes Foresight Solar the largest listed solar dedicated investment company by installed capacity.
Construction at the site will start immediately and the project is expected to be fully commissioned in Q2 of 2021. It will generate around 50GWh of clean electricity every year, enough to power 15,000 homes and making a significant contribution to Spain’s emissions targets.
Designed with a single-axis tracker structure to exploit fully the higher irradiation levels achieved in the south of the Iberian peninsula, the project has been acquired from developer IM2 Energía Solar, who will continue their involvement as both EPC (Engineering, Procurement and Construction) and O&amp;M (Operations and Maintenance) contractor.
A long-term power purchase agreement (“PPA”) with a fixed electricity price until 2030 has been reached with Shell Energy Europe Limited (“Shell”), a subsidiary of Royal Dutch Shell Plc, whose principal activity is the trading and marketing of gas and electricity across 20 European countries.
Ricardo Piñeiro, Investment Manager of Foresight Solar, commented “This asset is a true milestone in the development of Foresight Solar’s geographically diversified portfolio. It further expands the Fund’s international coverage into southern Europe and as the Fund’s first subsidy-free project, the long-term PPA with such a strong counterparty as Shell, will contribute to the delivery of stable and predictable cashflows for our investors.”
The project is the latest addition to Foresight’s growing 175MW portfolio of unsubsidised solar assets in the Iberian region, where Foresight’s team in Madrid, led by&nbsp;Carlos Rey, Director of Foresight&nbsp;and Head of Iberia,&nbsp;has identified a strong pipeline of unsubsidised solar projects and is in the process of making further acquisitions in the region.
Enrique Selva Bellvís, CEO at IM2 Energía Solar, commented “Success for this project comes as a result of exceptional IM2 Energía Solar teamwork, focused on the development, construction and operation of added value projects in high solar irradiation areas. As a developer with more than 16-years’ experience, we apply our know-how on premium grid-connected development of PV project portfolios in Spain and Chile. With a leading position in large scale self-consumption industrial projects, we are proud to say that IM2 is one of the key players in the solar market.”
Advisers on the transaction include:
<table border="0">
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<td width="301">
Legal DD:
</td>
<td width="301">
Osborne Clarke
</td>
</tr>
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<td width="301">
Technical DD and yield assessment:
</td>
<td width="301">
OCA Global
</td>
</tr>
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<td width="301">
Financial and Tax DD:
</td>
<td width="301">
KPMG
</td>
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</tbody>
</table>
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Foresight completes acquisition of 26.1MW subsidy-free Virgen del Carmen solar project in Andalusia from IM2 Energía Solar

<a rel="noopener" href="https://www.foresightgroup.eu/media/casetirh/foresight-s-50mw-guzman-solar-project-in-andalusia-connects-to-the-grid-and-generates-at-100-capacity.pdf" target="_blank" title="Foresight’S 50MW Guzman Solar Project In Andalusia Connects To The Grid And Generates At 100% Capacity">Click here</a>&nbsp;for the PDF.
Madrid/London, 21 August 2020:&nbsp;Foresight Group LLP (“Foresight”) is pleased to announce the successful grid connection of its 50MW Guzman solar power plant in Puebla de Guzman, south-west Spain, which has started exporting clean electricity from 19th&nbsp;August.
The plant, which was acquired by Foresight in April 2019 and built in a turn-key basis by the Spanish EPC Contractor SOLAER, and which entered into a 10-year power purchase agreement (PPA) with EDF Trading in December 2019, comprises 150,000 solar panels and will generate around 85GWh every year, making a significant contribution to Spain’s emissions targets.
Adolfo Guerrero, Technical Manager at Foresight, commented ““We are delighted to announce that the solar farm Guzman has become fully operational, being the largest solar plant and grid infrastructure acquired in Spain on a construction risk basis, and becoming feasible to connect the plant to the 220/66 kV Substation Sierra del Andevalo.” He added “It has been a pleasure to work with such a committed team who together have managed to complete the plant successfully.”
The project is the latest of Foresight’s 150MW portfolio of unsubsidised solar assets in the Iberian region to become fully operational. Foresight has a strong pipeline of unsubsidised solar projects and is in the process of making further acquisitions in the region.
Carlos Rey, Director at Foresight and Head of Iberia,&nbsp;commented:&nbsp;“The Guzman project is, to date, our largest operational solar facility in Iberia and we are delighted to consolidate our presence in the region. At Foresight we are committed to investing for a smarter future and providing subsidy-free clean energy from the sun as a legacy for future generations is a major part of that commitment.”

Foresight’s 50MW Guzman solar project in Andalusia connects to the grid and generates at 100% capacity

- PPA secured against power generated by 50 MW Guzman solar plant in Puebla de Guzman (Huelva), south-west Spain;
- The fourth 10-year fixed rate PPA secured by Foresight and the first between Foresight and EDF Trading;
- Foresight has a 116 MW portfolio of subsidy-free solar in Iberia.
You can download the press release [here][1].
 [1]: https://www.foresightgroup.eu/media/fubn03a3/foresight-and-edf-trading-enter-into-a-10-year-power-purchase-agreement-ppa-for-the-50-mw-guzman-subsidy-free-solar-project.pdf
Foresight Group LLP (“Foresight”) is pleased to announce it has agreed a 10-year Power Purchase Agreement (“PPA”) with EDF Trading Ltd. (“EDFT”) a subsidiary of the EDF Group.
The deal is the first 10-year fixed-price PPA to be agreed between Foresight and EDFT highlighting Foresight’s capacity to deliver secured long-term revenues to its investors in an unsubsidised context.
The Guzman plant, which is mechanically completed, is expected to become operational in Q1 2020 generating around 85 GWh every year, making a significant contribution to Spain’s emissions targets.
Carlos Rey, Director at Foresight, commented: “We are delighted to have agreed terms with EDF Trading for this fixed rate 10-year PPA for power generated by our 50 MW solar plant in Puebla de Guzman, which is under construction. Securing the revenues for our largest subsidy-free energy infrastructure investment in the region with such a highly rated counterparty as EDFT is further validation of our investment model for projects with no government-contracted revenues.” He added, “We are proud that our solar portfolio makes a valuable contribution to the fight against climate change and we remain committed to investing for a smarter future.”
Philipp Büssenschütt, Chief Commercial Officer at EDF Trading, commented: “This is an exciting occasion for EDFT to provide wholesale market services in the unsubsidised solar market in Spain. We hope this will be the first of many opportunities for us to partner with Foresight”.
Foresight was advised by Osborne Clarke (Legal) and ONE (strategic PPA advisor).
ENDS
For more information contact:
Ben Thompson, Foresight Group: bthompson@foresightgroup.eu / +44 (0)20 3667 8155
Notes to Editors
About Foresight Group LLP (“Foresight”)
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.
Foresight has £4 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BRP).
Foresight is a leading renewables infrastructure investor with over £3 billion of energy infrastructure assets under management. Foresight currently manages more than 190 renewable generation assets globally, with a total generating capacity of 2.0 GW.
In Solar, Foresight has invested in over 100 solar plants and has more than 1.3 GW of solar generation assets under management around the world. In Wind, Foresight will have more than 600 MW of wind generation assets across the UK, France, Germany and Scandinavia.
Foresight manages 38 bioenergy and waste projects processing over 2 million tonnes per annum, having mobilised some £1.1bn of capital investment.
In addition, Foresight manages 170 MW of Reserve Power assets and three utility scale Battery Storage projects providing 45 MW of Enhanced Frequency Response (“EFR”) services to National Grid.
Foresight is headquartered in London with regional offices in Manchester, Nottingham, Edinburgh, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.
www.foresightgroup.eu
About EDF Trading Limited (“EDFT”)
EDF Trading is a leader in the international wholesale energy markets. The company manages a portfolio of assets which give it the ability to source, supply, transport, store, blend and convert physical commodities around the world. These capabilities enable EDF Trading to deliver essential asset optimisation services, risk management and wholesale market access to the EDF Group and its third-party customers, helping them to realise the value inherent in their asset portfolios.
EDF Trading is active in the electricity, natural gas, LPG, oil and environmental products markets. It is also active in the LNG and coal and freight markets via JERA Global Markets* (“JERAGM*”). EDF Trading is one of the largest wholesale market traders in Europe for power and gas. In North America, EDF is one of the leading marketers of gas and power, one of the main providers of generation services for power generation companies and a leading energy retailer for large commercial and industrial customers.
*JERAGM is a joint venture between JERA Co., Inc. (66.67% through JERA Trading International Pte. Ltd. equity) and EDF Trading (33.33% equity). JERAGM operates one of the largest seaborne energy portfolios in the world.
EDF Trading is a 100% owned subsidiary of EDF SA., one of the world’s biggest electricity generators and a leader in low-carbon production.
EDF Trading has around 800 employees with key offices in London, Paris, Singapore and Houston.
For more information, please visit www.edftrading.com.

Foresight and EDF Trading enter into a 10-year power purchase agreement (PPA) for the 50 MW Guzman subsidy-free solar project

Foresight Solar Fund Limited
(the “Company”)
OFGEM ‘Targeted Charging Review’ Update
Click&nbsp;<a rel="noopener" data-id="17073" href="https://www.foresightgroup.eu/media/52unie2l/fsfl-rns-tcr-decision-update-nov-2019.pdf" target="_blank" title="Fsfl Rns Tcr Decision Update Nov 2019">here</a>&nbsp;to download the announcement.
On 21 November 2019, the Office of Gas and Electricity Markets (OFGEM) published the Decision and Impact Assessment of its ‘Targeted Charging Review’ (TCR) detailing changes to the embedded benefits currently received by generators. The result of the Review is the proposed end of Balancing Services Use of System (BSUoS) payments to suppliers from April 2021.
The Company has previously highlighted the potential removal of these ‘embedded benefits’ and the results of the TCR are broadly in-line with the Investment Manager’s expectations.
Subject to the finalisation of the TCR and assuming no embedded benefits from April 2021 the impact on the Company’s NAV is anticipated to be approximately -1.56p per share or -1.4% of the last published NAV of 109.1 per share as at 30 September 2019. The Company remains on track to deliver its target dividend of 6.76p per share for 2019.

FSFL: OFGEM ‘Targeted Charging Review’ Update - 27.11.19

Origis Energy today announced the sale of a 41MW ground-mounted solar PV portfolio to ForVEI II, the Joint Venture (“JV”) between VEI Green and Foresight Group LLP (“Foresight”).
The 41MW portfolio comprises 34 ground-mounted solar PV projects located in Italy totalling c.37MW and one ground-mounted solar plant of 4MW in Slovakia. The solar plants have been fully operational since 2010 – 2011 and are remunerated under a long-term Feed in Tariff (“FiT”) scheme awarded by the GSE.
The financial details relating to the transaction remain undisclosed.
“We are excited to have found a long-term partner for our European assets.” said Guy Vanderhaegen, CEO &amp; President of Origis, “We thank ForVEI II and Greentech for their close collaboration.”
Commenting on this significant transaction for the Fund Federico Giannandrea, Partner &amp; Head of Southern Europe, Foresight said: “We are delighted to have acquired this operational 41MW FiT portfolio from Origis, the first significant acquisition for ForVEI II, which launched last year. We have a strong pipeline of projects for the Fund and significant interest from other investors.”
ForVEI II is the second vintage of the investment platform JV between Foresight and VEI Green, launched in June 2018. The Fund is a multi-shareholder vehicle comprising at first close commitments from Foresight and VEI Green, NWS Holdings Limited, the Hong Kong listed specialist infrastructure investor, and Family Office FinCarl. The Fund specialises in acquiring renewable energy infrastructure assets in Europe, with Foresight acting both as arranger and Asset Manager to the platform.
Enrico Orsenigo, Managing Director of VEI Green II declared: "With ForVEI II, we aim to emulate the successful track record of ForVEI, which delivered a total return in excess of 15% + to investors over 7 years. Working once again with Foresight and our new co-investors, we are building an attractive portfolio of renewable infrastructure assets to generate the kind of uncorrelated predictable returns that institutional investors find compelling.”
Origis Energy was advised by Greentech Capital Advisors on the transaction.

Origis Energy completes the sale of an operational 41MW solar portfolio in Italy and Slovakia to ForVEI II

Foresight Solar Fund Limited
("Foresight Solar" or "the Company")
Scrip Share Price and Total Voting Rights
Scrip Share Price
The reference price of a new Ordinary Share under the Company's scrip dividend alternative for the second quarterly interim dividend for the financial year ending 30 June 2019 (the "Q2 Dividend") has been set at 117.60p. This is the average of the middle market prices of the Company's Ordinary Shares derived from the London Stock Exchange Daily Official List for the ex-dividend date and the four subsequent dealing days.
Further information regarding the scrip dividend offered in respect of the Q2 Dividend and the Scrip Dividend Scheme can be found in the Scrip Dividend Alternative Offer (the "Scrip Offer") available on the Company's website to view and/or download at&nbsp;<a href="http://fsfl.foresightgroup.eu/investor-relations/">fsfl.foresightgroup.eu/investor-relations/</a>. The Scrip Offer is also available on the National Storage Mechanism website at&nbsp;<a href="http://www.morningstar.co.uk/uk/NSM">www.morningstar.co.uk/uk/NSM</a>. Copies of the Scrip Offer will also be available for inspection at 28 Esplanade, St. Helier, Jersey JE2 3QA.
If no elections for the Scrip Dividend Option were received, the total cash dividend payable by the Company would be £10,214,919.19.
If all eligible Shareholders elected, under the Scrip Dividend Option, to receive the Dividend in the form of New Shares rather than in cash in respect of their entire holdings, 8,686,156 New Shares would be issued (ignoring any reduction in respect of fractions), representing approximately 1.44% of the issued Ordinary Share capital of the Company as at today's date.
The Q2 Dividend payment date and the date for admission and dealing of the New Shares to be issued pursuant to the scrip dividend alternative is expected to be 29 November 2019.
Total Voting Rights
In conformity with DTR 5.6.1R, the Company would like to announce that as at 31 October 2019, the Company’s issued share capital consisted of 604,433,088 Ordinary Shares.
There are no Ordinary Shares held in Treasury.
The total number of voting rights of the Company is 604,433,088 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further information, please contact:
LEI: 213800VO4O83JVSSOX33

FSFL: Scrip Share Price and Total Voting Rights - 31.10.19

FSFL: Scrip Share Price and Total Voting Rights

Foresight Solar Fund Limited (the "Company"): Proposed Placing of Ordinary Shares and NAV Announcement

&nbsp;Foresight Solar Fund Limited
("Foresight Solar" or "the Company")
Additional listing pursuant to Scrip Alternative and Total Voting Rights
Click&nbsp;<a rel="noopener" data-id="16700" href="https://www.foresightgroup.eu/media/15kfa2fo/foresight-solar-fund-limited-scrip-issue-listing-announcement-23-08-19.pdf" target="_blank" title="Foresight-Solar-Fund-Limited-Scrip-Issue-Listing-Announcement-23.08.19.pdf">here</a>&nbsp;to download the announcement.
&nbsp;29 August 2019
Foresight Solar Fund Limited,&nbsp;a fund investing in a diversified portfolio of ground-based solar PV assets in the UK and internationally,&nbsp;announces that it has made an application for 597,383 New Ordinary Shares of no par value in the Company ("New Shares") to be admitted to the Official List of the Financial Conduct Authority (the "FCA") and to trading on the London Stock Exchange. It is expected that these New Shares will be admitted to trading on or around 30 August 2019.
The application is being made pursuant to the scrip dividend alternative in lieu of cash for the interim dividend for the period from 1 January 2019 to 31 March 2019. Elections for a scrip dividend were received in respect of 7.68% of the Ordinary Shares in issue as at the record date of 26 July 2019. When issued, these New Shares will rank pari passu with the existing Ordinary Shares.
Following admission of the New Shares, the Company's issued share capital will consist of Ordinary Shares of no par value each. With effect from 30 August 2019, the total number of issued shares with voting rights will be 549,538,933.
The above figure of 549,538,933 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in, Foresight Solar Fund Limited under the FCA's Disclosure and Transparency Rules.
Further information on the Scrip Dividend Scheme can be found in the Scrip Dividend Alternative Offer Circular (the "Scrip Offer") which is available on the Company's website to view and/or download at&nbsp;<a href="http://fsfl.foresightgroup.eu/investor-relations/">fsfl.foresightgroup.eu/investor-relations/</a>. The Scrip Offer is also available on the National Storage Mechanism website at&nbsp;<a href="http://www.morningstar.co.uk/uk/NSM">www.morningstar.co.uk/uk/NSM</a>. Copies of the Scrip Offer 2019 will also be available for inspection at 28 Esplanade, St. Helier, Jersey JE2 3QA.

Additional listing pursuant to Scrip Alternative and Total Voting Rights

FSFL: Interim Results to 30 June 2019 and Dividend Announcement

Foresight Solar Fund Limited
("Foresight Solar" or "the Company")
Scrip Share Price
Click <a rel="noopener" data-id="16581" href="https://www.foresightgroup.eu/media/qbqmre5l/190711-fsfl-scrip-price.pdf" target="_blank" title="190711-FSFL-Scrip-Price.pdf">here</a> to download the announcement.
The reference price of a new Ordinary Share under the Company's scrip dividend alternative for the first quarterly interim dividend for the financial year ending 31 December 2019 (the "Q1 Dividend") has been set at 119.20p.  This is the average of the middle market prices of the Company's shares derived from the London Stock Exchange Daily Official List for the ex-dividend date and the four subsequent dealing days.
Further of the scrip dividend offered in respect of the Dividend and the Scrip Dividend Scheme can be found in the Scrip Dividend Alternative Offer (the "Scrip Offer") available on the Company's website to view and/or download at <a href="http://fsfl.foresightgroup.eu/investor-relations/">fsfl.foresightgroup.eu/investor-relations/</a>. The Scrip Offer is also available on the National Storage Mechanism website at <a href="http://www.morningstar.co.uk/uk/NSM">www.morningstar.co.uk/uk/NSM</a>. Copies of the Scrip Offer 2019 will also be available for inspection at 28 Esplanade, St. Helier, Jersey JE2 3QA.
If no elections for the Scrip Dividend Option were received, the total cash dividend payable by the Company would be £9,277,112.
If all eligible Shareholders elected, under the Scrip Dividend Option, to receive the Dividend in the form of New Shares rather than in cash in respect of their entire holdings, 7,782,812 New Shares would be issued (ignoring any reduction in respect of fractions), representing approximately 1.42% of the issued Ordinary Share capital of the Company as at today's date.
The Q1 Dividend payment date and the date for admission and dealing of the new Ordinary Shares to be issued pursuant to the scrip dividend alternative is expected to be 30 August 2019.
For further information, please contact:
LEI: 213800VO4O83JVSSOX33

FSFL: Scrip Share Price - 01.08.19

FSFL: Scrip Share Price

<div>
<div>RNS Number : 2365H</div>
<div>Foresight Solar Fund Limited</div>
<div>30 July 2019</div>
<div></div>
</div>
<div class="f">
 
Foresight Solar Fund Limited
(the "Company")
Notice of Interim Results
 
Click <a rel="noopener" href="https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FSFL/14168970.html" target="_blank">here</a> to view the announcement.
Foresight Solar Fund Limited announces that it will publish its Interim Results for the period 1 January 2019 to 30 June 2019 on Thursday, 22 August 2019.
A meeting for analysts will be held at 9:00 am on Thursday, 22 August 2019 at Foresight Group's London offices at The Shard, 32 London Bridge Street, London, SE1 9SG.
For those unable to attend in person, dial-in details will be circulated ahead of the meeting. A presentation will also be provided separately on the morning of the call.
To register for the meeting or the call, please contact Citigate Dewe Rogerson at foresightsolar@citigatedewerogerson.com, or by phone: +44 (0) 20 7638 9571.
</div>

FSFL: Notice of Interim Results - 30.07.19

Foresight Solar Fund Limited
NOTICE OF ANNUAL GENERAL MEETING
 
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
 
Click <a rel="noopener noreferrer" data-id="16311" href="https://www.foresightgroup.eu/media/a4qpq544/fsfl-rns-announcement-agm-notice-100619.pdf" target="_blank" title="FSFL-RNS-announcement-AGM-notice-100619.pdf">here</a> to download the announcement.
 
If you are in any doubt as to what action you should take, you are recommended to seek your own financial advice from your stockbroker or other independent adviser authorised under the Financial Services and Markets Act 2000.
If you have recently sold or transferred all of your shares in Foresight Solar Fund Limited, please forward this document, together with the accompanying documents, as soon as possible, either to the purchaser or transferee or to the person who arranged the sale or transfer so they can pass these documents to the person who now holds the shares.
NOTICE is hereby given that the Annual General Meeting (“AGM”) of the Company will be held at 28 Esplanade, St Helier, Jersey, JE2 3QA on Tuesday, 25 June 2019, at 9:30am (BST), or at any adjournment thereof, for the purpose of considering and, if thought fit, passing the following resolutions which resolutions 1 to 11 will be proposed as ordinary resolutions and resolutions 12 to 15 will be proposed as special resolutions:
 
Ordinary Resolutions
<ol>
<li>To receive and adopt the Company’s annual accounts for the financial year ended 31 December 2018 together with the directors’ report and auditors’ report on those accounts.</li>
</ol>
<ol start="2">
<li>To approve the directors’ remuneration report (excluding the directors’ remuneration policy), as set out on page 43 of the Company’s annual report and accounts for the financial year ended 31 December 2018.</li>
</ol>
<ol start="3">
<li>To approve the directors’ remuneration policy, as set out on page 43 of the Company’s annual report and accounts for the financial year ended 31 December 2018, which takes effect immediately after the end of annual general meeting.</li>
</ol>
<ol start="4">
<li>To re-appoint KPMG LLP as the Company’s auditor to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting at which accounts are laid before the Company.</li>
</ol>
<ol start="5">
<li>To authorise the directors of the Company to determine the auditor’s remuneration.</li>
</ol>
<ol start="6">
<li>To approve the Dividend Policy.</li>
</ol>
<ol start="7">
<li>To elect Monique O’Keefe to the Board of the Company following her appointment under article 101 of the Company’s articles of association (the “Articles”).</li>
</ol>
<ol start="8">
<li>To reappoint Alexander Ohlsson as a director of the Company.</li>
</ol>
<ol start="9">
<li>To reappoint Chris Ambler as a director of the Company.</li>
</ol>
<ol start="10">
<li>To reappoint Peter Dicks as a director of the Company.</li>
</ol>
<ol start="11">
<li>THAT, subject to resolution 12 below being passed, in addition to any existing power and authority granted to the Directors, the Directors of the Company be and are hereby authorised pursuant to Article 153.1 to exercise the power conferred on them by Article 152(b) of the Articles to offer holders of ordinary shares in the capital of the Company the right to elect to receive ordinary shares credited as fully paid, instead of cash in respect of the whole (or some part to be determined by the Directors) of dividends declared, made or paid during the period starting with the date of this Resolution and ending at the conclusion of the third annual general meeting of the Company following the date of this Resolution and shall be permitted to do all acts and things required or permitted to be done in accordance with the Articles in connection therewith.</li>
</ol>
 
Special Resolutions
<ol start="12">
<li>THAT the following alterations be made to the Articles:</li>
</ol>
<ol start="10">
<li>In respect of Article 10.1.6, the cross-reference to Article 150 be deleted and replaced with a cross-reference to Article 152; and</li>
</ol>
<ol>
<li>In respect of Article 152, the words 'at par' in Articles 152(a) and 152(b) be deleted and replaced with the words 'at stated value'.</li>
</ol>
<ol start="13">
<li>THAT the Company be and is hereby generally and unconditionally authorised, pursuant to and in accordance with Article 57 of the Companies (Jersey) Law, 1991 (as amended) (the "Law") to make market purchases of its own ordinary shares of no par value in the capital of the Company (the “Ordinary Shares”) on such terms and in such manner as the directors of the Company shall from time to time determine, subject always to the terms of any class rights in the Articles and provided that:</li>
</ol>
<ol start="14">
<li>the maximum aggregate number of Ordinary Shares hereby authorised to be purchased shall be such number as represents 14.99 per cent of the aggregate number of Ordinary Shares in issue as at 25 June 2019;</li>
</ol>
<ol>
<li>the minimum price which may be paid for an Ordinary Share shall be £0.01;</li>
</ol>
<ol>
<li>the maximum price exclusive of any expenses which may be paid for an Ordinary Share is an amount equal to the higher of (i) 105% of the average of the middle market quotations for an Ordinary Share (as derived from the Daily Official List of the London Stock Exchange plc) for the five business days immediately preceding the date on which such Ordinary Share is contracted to be purchased; and (ii) the higher of the last independent trade and the highest current independent bid on the trading venue on which the purchase is carried out.</li>
</ol>
<ol>
<li>the authority hereby conferred is in addition to all and any authorities in place in respect of market purchases by the Company and shall expire at the conclusion of the Company's next annual general meeting or on the date falling 18 months from the date of the passing of this resolution, whichever is earlier, unless previously revoked, varied or renewed by the Company in general meeting;</li>
</ol>
<ol>
<li>the Company may at any time prior to the expiry of such authority make a contract or contracts to purchase Ordinary Shares under such authority which will or might be completed or executed wholly or partly after the expiration of such authority and may make a purchase of Ordinary Shares in pursuance of any such contract or contracts; and</li>
</ol>
<ol>
<li>the directors of the Company provide a statement of solvency in accordance with the Articles 55 and 57 of the Law.</li>
</ol>
<ol start="14">
<li>THAT, subject to resolution 13 (“Resolution 13”) above being passed, the Company be and is hereby generally and unconditionally authorised to cancel any shares it repurchases pursuant to Resolution 13 or pursuant to Article 58A(1)(b) of the Law to hold such shares it repurchases pursuant to Resolution 13 as treasury shares to be dealt with in accordance with the provisions of the Law as the directors of the Company see fit.</li>
</ol>
<ol start="15">
<li>THAT, in addition to any existing power and authority granted to the Directors, the Directors of the Company be and are hereby generally empowered to allot Ordinary Shares of no par value carrying the rights, privileges and subject to the restrictions attached to the Ordinary Shares as set out in the Articles of the Company (the “Ordinary Shares”) or to grant rights to subscribe for or, to convert securities into Ordinary Shares (‘‘equity securities’’), including the allotment and grant of rights to subscribe for, or to convert securities into or the sale of, Ordinary Shares held by the Company as treasury shares in each case for cash as if any pre-emption rights in relation to the issue of or sale of shares, as set out in Article 10.2 of the articles of association of the Company and in the Listing Rules made by the Financial Conduct Authority under Part VI of the Financial Services and Markets Act 2000 (as amended), did not apply to any such allotment of or grant of rights to subscribe for or to convert into equity securities or sale, provided that this power:</li>
</ol>
<ol>
<li>shall expire at the conclusion of the Company's next annual general meeting or on the date falling 15 months after the passing of this resolution, whichever is earlier, save that the Company may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offer or agreement as if the power conferred hereby had not expired; and</li>
</ol>
<ol>
<li>shall be limited to the allotment of up to 54,894,155 Ordinary Shares of no par value (representing approximately 10% per cent. of the issued share capital of the Company).</li>
</ol>
 
By order of the Board
Alexander Ohlsson - Chairman
Foresight Solar Fund Limited
6 June 2019
Registered Office: 28 Esplanade, St Helier, Jersey JE2 3 QA
Registered Number: 113721
LEI: 213800VO4O83JVSSOX33

FSFL: Notice of Annual General Meeting - 10.06.19

<ul>
<li>Sponsored by Filizola S.r.l and Pagano &amp; Ascolillo S.p.A , the bond, which received green certification, is fully subscribed by the Fund and listed on the ExtraMOT PRO segment of the Italian Stock Exchange</li>
<li>A senior secured project bond with a 4.97% coupon and a duration of 14 years</li>
<li>The project bond refinances a portfolio of 15 operational solar plants</li>
</ul>
You can download the PDF version <a rel="noopener noreferrer" data-id="16275" href="https://www.foresightgroup.eu/media/ybsjmtu1/foresight-italian-green-bond-fund-subscribes-a-8-35-million-project-bond-issued-from-caab-energia-a-portfolio-of-15-operational-solar-plants.pdf-1" target="_blank" title="Foresight-Italian-Green-Bond-Fund-subscribes-a-€8.35-million-project-bond-issued-from-CAAB-Energia-a-portfolio-of-15-operational-solar-plants.pdf (1)">here</a>.
Foresight Group LLP (“Foresight”) announces the €8.35 million arrangement and subscription of a project bond issued by CAAB Energia S.p.A (“CAAB Energia”) and listed on the Italian stock exchange, financing a 5.6MW solar assets portfolio. The bond was issued on behalf of the Foresight Italian Green Bond Fund (“the Fund”).
The 15 operational solar plants, located in Emilia Romagna, Piedmont and Puglia, are principally installed on the roofs of the Centro Agro Alimentare di Bologna (“CAAB”), a major food distribution facility. The assets have been fully operational since April 2013 and are currently owned by Agatos Energia S.r.l. and M.F. Partners S.A.
The Sponsor, a joint venture of Filizola S.r.l., a company with significant experience in the Italian renewable energy market, and Pagano &amp; Ascolillo S.p.A., a leading construction and technology installation company with over 30 years’ experience, has entered into a binding agreement for the acquisition of the entire portfolio.
CAAB is fully owned by a consortium of public and local bodies of which 80% is owned by the Municipality of Bologna. CAAB has the largest rooftop portfolio in Europe with 11 MW of installed capacity and which covers 100,000 square meters, approximately the size of 15 football fields, producing 15GWh of electricity.
The project has secured a 20-year Feed-in Tariff from Gestore dei Servizi Energetici for 100% of the electricity produced covering the full duration of the bond.
The Bond is senior secured, with a 4.97% coupon, and will be fully amortising with semi-annual interest payments.
CAAB Energia is listed on the ExtraMOT PRO, the Italian Stock Exchange’s segment dedicated to green bonds, offering institutional investors the possibility of identifying those that adhere to the Climate Bonds Initiative and are compliant with the ICMA's Green Bonds Principles.
Diomidis Dorkofikis, Director of Foresight, commented: “The new project, which is the fourth transaction for our Italian Green Bond Fund, is a welcome addition to the portfolio which reaffirms the Fund as a primary choice for finance outside the traditional market as a means of tangibly supporting the energy transition in Italy. We are pleased with what has been achieved so far and are looking forward to identifying and financing new projects.”
Vittorio Luisi, CEO of Pagano &amp; Ascolillo, added: “At Pagano &amp; Ascolillo’s we have a steadfast commitment to energy efficiency and renewable energy. The green bond is a structure that has facilitated our investment into a further strategic asset for the Group delivering on our environmental protection priorities whilst simultaneously fulfilling our business aims.”
Daniele Filizola of Filizola S.r.l, said: “We have invested in another green project in Italy consolidating investments in renewable energy. The CAAB rooftop plants represent a smart example of how to reach Kyoto goals mixing the feed in tariff and self-consumption of the plant itself. We aim at supporting self-consumption in the agro-food industry and at repeating this scheme on a national level. We would like to thank Foresight Group for its amazing ability in converting financial theories into practice.”
Carlo Montella and Raul Ricozzi, partner at Orrick, have said: “We are pleased to be assisting our clients in developing the Green Bond market.”
Francesco Labruna and Mario Della Porta, Sogec Advisor, have said: “The expertise gained in the last few years into the renewable energy sector has allowed us to support another Group in issuing a green bond. The energy transition towards renewable energy is not only a responsibility but a fascinating economic opportunity to be part of.”
Pasquale Serlenga, Protos Energy, has added: “Protos Energy has developed a remarkable knowledge as Technical Advisor in this field as well in energy efficiency. The skills we have allow us to really add value in risk assessment and sustainability. We are glad we could have enhanced our experience realising such a project with market leaders in the field.”
Advisers on the deal included:
Legal: Orrick
Financial (sponsor): Sogec Advisor S.r.l
Technical: Protos

Foresight Italian Green Bond Fund subscribes a €8.35 million project bond issued from CAAB Energia, a portfolio of 15 operational solar plants

<ul>
<li>The first CSP technology bond project with Fresnel mirrors that converts solar radiation into thermal energy</li>
<li>Sponsored by Archimede S.r.l. Engineering Company ("Archimede"), the bond, which received green certification, is fully subscribed by the Fund and listed on the ExtraMOT PRO segment of the Italian Stock Exchange</li>
<li>An innovative hybrid technology that makes it possible to produce energy after dark</li>
<li>A senior secured project bond with a 6.07% coupon and a duration of 23 years</li>
</ul>
Click <a rel="noopener noreferrer" data-id="16149" href="https://www.foresightgroup.eu/media/sinpd4gq/foresight-italian-green-bond-fund-lists-5-3-million-project-bond.pdf" target="_blank" title="Foresight-Italian-Green-Bond-Fund-Lists-€5.3-million-project-bond.pdf">here</a> to download the PDF.
Foresight Group LLP (“Foresight”) announces the €5.3 million arrangement and subscription of a project bond issued by Sole Sole S.r.l for the construction of a 1MW Concentrated Solar Power (“CSP”) hybrid plant, on behalf of the Foresight Italian Green Bond Fund (“the Fund”).
The innovative project, located in Sicily, utilises Fresnel mirror technology combined with a thermal energy storage system which will enable the plant to continue to generate clean electricity even when there is no sunlight.
The project is sponsored by Archimede S.r.l, an experienced engineering and development company that specialise in innovative projects across Europe and will provide renewable electricity to approximately 1,000 homes.
The project has secured a 25-year Feed-in-Tariff subsidy and has an offtake agreement with GSE for 100% of the electricity produced covering the full duration of the bond.
The Bond is senior secured, with a 6.07% coupon, and will be fully amortising with semi-annual interest and capital repayments after 23 years.
CSP Sicilia is listed on the ExtraMOT PRO, the Italian Stock Exchange’s segment dedicated to green bonds, offering institutional investors the possibility of identifying those that adhere to the Climate Bonds Initiative and are compliant with the ICMA's Green Bonds Principles.
Diomidis Dorkofikis, Director of Foresight, commented: “This is the third transaction of our Fund and we are happy to be financing an alternative and innovative technology. The projects Foresight invest in offer tangible solutions and create real value both in terms of energy production and job creation. We will continue to deploy the Fund to bridge the long-term financing gap and we already have additional projects in the pipeline.”
Gianluca Tumminelli, President of the Board of Directors of Archimede, added: “We are extremely satisfied of our collaboration with Foresight which has allowed us to accede to the virtuous financial instruments of Green Bonds. This CSP project represents an innovative technology that rewards our local professionalisms and will be beneficial to the inhabitants of our Sicilian Province.”
Carlo Montella and Raul Ricozzi, Partners at Orrick, added: “We were pleased to play a part in this transaction where the innovative technology demanded the best of our collective legal, administrative and financial expertise.”
Advisers on the deal included:
Legal: Orrick
Finance: Archimede S.r.l
Technical: Duff &amp; Phelps

Foresight Italian Green Bond Fund lists a €5.3 million project bond for a greenfield concentrated solar power hybrid plant, CSP Sicilia

<ul>
<li>50MW plant comprising 150,000 panels under construction by Solaer</li>
<li>Expected to be connected and exporting to the grid from January 2020</li>
<li>Acquisition boosts Foresight’s Iberian subsidy free solar portfolio to 116 MW</li>
</ul>
Click <a rel="noopener noreferrer" data-id="16075" href="https://www.foresightgroup.eu/media/oi1llqhy/foresight-grows-its-subsidy-free-solar-portfolio-with-acquisition-of-50mw-spanish-solar-project.pdf" target="_blank" title="Foresight-grows-its-subsidy-free-solar-portfolio-with-acquisition-of-50MW-Spanish-solar-project.pdf">here </a>for the PDF.
Foresight Group (“Foresight”), a leading independent infrastructure and private equity investment manager is pleased to announce the completion of the acquisition of the 50MW solar PV plant in the municipality of Puebla de Guzman in south-west Spain from Solaer.
This is the fifth deal Foresight has completed with Spanish EPC contractor, Solaer Group, and the largest in size to date. The Project, which is already under construction, is expected to connect to the grid by early 2020.
Once operational, the Project will deliver 85GWh per annum of clean electricity, which is expected to be sold under a long term power purchase agreement.
The Project is the latest part of Foresight’s strategy to develop a portfolio of subsidy-free solar assets in Southern Europe, which includes the already operational Vale Matanças, a 7.2MW asset in Portugal, and Spanish assets 3.9MW Torre de Cotillas and 10MW Escalonilla Norte and Sur.
Carlos Rey, Director at Foresight, commented: “The Guzman project is a major large scale facility enhancing our portfolio of subsidy-free solar assets and greatly increasing our presence in Spain. At Foresight we are committed to creating a sustainable legacy for future generations and providing subsidy free clean energy from the sun is a major part of that commitment. We call it investing for a smarter future.”
Adrian Mozas, Business Developer Director, Solaer added: “We are excited having reached this agreement with Foresight Group increasing our pipeline together in the Iberian market with this great project in Huelva, due to be connected to the grid in Q1 2020. We are looking forward to working with the Foresight team on this and future projects..
Foresight has been advised by:
Legal: Osborne Clarke - Madrid office
Technical: DNV GL - Barcelona office
Solaer has been advised by:
Legal: Rousaud Costas Duran - Madrid office

Foresight grows its subsidy free solar portfolio with acquisition of 50MW Spanish Solar project in Andalusia

Net Asset Value announcement
Click <a rel="noopener noreferrer" data-id="16039" href="https://www.foresightgroup.eu/media/vh5d5seh/foresight-solar-fund-limited-rns-announcement-unaudited-31-march-2019-net-asset-value.pdf" target="_blank" title="Foresight-Solar-Fund-Limited-RNS-Announcement-Unaudited-31-March-2019-Net Asset-Value.pdf">here</a> to download the 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 £603.6 million (31 December 2018: £610.3 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 £1,104.1 million (31 December 2018: £1,114.7 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 £500.5 million, including long-term debt of £395.5 million and Revolving Credit Facilities of £105 million. As at 31 March 2019, the total outstanding long-term debt of £395.5 million represents approximately 36% of GAV of the Company and Subsidiaries. The total outstanding debt including revolving credit facilities of £500.5 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.

FSFL: Net Asset Value Announcement - 08.05.19

Foresight and ArcelorMittal enter into a 10-year power purchase agreement (PPA) for two Spanish subsidy-free solar farms
<ul>
<li>PPA secured against power generated by 5MW Escalonilla Norte and 5MW Escalonilla Sur in Toledo;</li>
<li>The first corporate 10-year fixed rate PPA in Spain; and</li>
<li>Foresight has a 116MW portfolio of subsidy-free solar in Iberia</li>
</ul>
Click <a rel="noopener noreferrer" data-id="15557" href="https://www.foresightgroup.eu/media/ctzps0vh/foresight-and-arcelormittal-enter-into-a-10-year-power-purchase-agreement.pdf" target="_blank" title="Foresight-and-ArcelorMittal-enter-into-a-10-year-power-purchase-agreement.pdf">here</a> to download the announcement.
Foresight Group LLP (“Foresight”) is pleased to announce it has agreed a 10-year corporate Power Purchase Agreement (“PPA”) with ArcelorMittal Energy SCA (“ArcelorMittal”), a subsidiary of ArcelorMittal SA.
The deal is the first corporate 10-year fixed price PPA to be agreed in Spain and is evidence of Foresight’s capacity to deliver secured long-term revenues to our investors in an unsubsidised context.
The two projects, which are grid connected, are expected to become operational in the second quarter of 2019 and are each expected to generate around 8.6GWh every year.
Carlos Rey, Director at Foresight, commented: “We are delighted to have agreed terms for Spain’s first corporate fixed rate 10-year PPA with ArcelorMittal.  Iberian Grid-parity forms a key part of our long-term strategy as we are looking to consolidate further our leadership as a worldwide solar operator.” He added “the execution of our third 10-year PPA in the region is further proof of a robust future for the Iberian unsubsidised market”
Edouard Oberthür, Head of Long Term Contracts Natural Gas, Power and Power Plant projects at ArcelorMittal, commented: “As a large consumer of electricity in Europe, ArcelorMittal is very proud to sign these PPAs in order to supply our Spanish steel mills with a competitive and CO2 free electricity supply”.
Foresight was advised by Watson, Farley &amp; Williams (“WFW”) Legal, and Our New Energy (“ONE”) in the structuring, origination and negotiation.
In October 2018, Foresight opened a new office in Madrid, further strengthening its presence in Southern Europe for subsidy free solar acquisitions.

Foresight and ArcelorMittal enter into a 10-year power purchase agreement (PPA) for two Spanish subsidy-free solar farms

Foresight Solar Fund Limited
(the "Company")
Notice of Annual Results
The Company advises that it will release its Annual Results for the period 1 January 2018 to 31 December 2018 on Wednesday, 6 March 2019.
A meeting for analysts will be held at 9:00 am on Wednesday, 6 March 2019 at Foresight Group's London offices at The Shard, 32 London Bridge Street, London, SE1 9SG. For those unable to attend in person, dial-in details will be circulated ahead of the meeting. The presentation will also be made available separately on the morning of the meeting.
To register for the meeting or the call, please contact Citigate Dewe Rogerson at foresightsolar@citigatedewerogerson.com, or by phone: +44 (0) 20 7638 9571.

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