Foresight Solar Fund has continued to hint towards making a number of “large acquisitions” in the coming months after reporting its net asset value (NAV) to have risen 17% throughout Q1 2015.
An interim management statement released on Monday morning revealed the company’s NAV to have risen from £209.8 million as of 31 December 2014 to £244.7 million on 31 March 2015 after a number of projects were brought on-stream in the first three months of the year.
All ten of Foresight’s assets that make up its 233MW portfolio are now fully operational and were connected prior to this month’s 1.4 ROC cut-off point, however the company has continued to hint that its acquisition drive is yet to complete.
Today’s statement reveals that the firm has “several large project acquisitions” currently under consideration that form part of a “significant pipeline of assets” Foresight has exclusivity for.
While the company offered no guidance as to precise locations, it did note that the UK’s ROC deadline had created an “active market” in large-scale secondary assets with a large number of new capacity being connected to the National Grid in Q1.
The company also said projects under 5MW that are to be installed under the 1.3 ROC banding provide an “attractive source of new investment opportunities in the short-term”.
Foresight also announced it is to look at introducing long-term financing options to its current facilities provided by both RBS and Santander and is currently “evaluating a number of opportunities”.
Having paid a second interim dividend of 3p per ordinary share last month Foresight has approved a quarterly dividend of 1.52p per share, to be paid on 30th June 2015, as it progresses towards the directors’ target of paying a 6.08p per share dividend this year.