28 February 2022

Foresight Solar Fund Limited

("Foresight Solar" or "the Company") 

Sustainability Linked Revolving Credit Facility

Foresight Solar, a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets in the UK and internationally, is pleased to announce that it has signed a new three-year facilities agreement which provides for a committed multicurrency Revolving Credit Facility ("RCF") of £150 million and an uncommitted accordion facility of up to £30 million.

The RCF replaces the Company's two existing RCFs and provides an increased source of flexible funding, with both Sterling and Euro drawdowns. The agreement includes an uncommitted option to extend the RCF for a further year and will be used to fund the acquisition and construction of ground-based solar PV and battery storage projects to add to the Company's current portfolio, as well as to cover any working capital requirements.

The interest charged in respect of the renewed RCF is linked to the Company's sustainability performance, with Foresight Solar incurring a premium or discount to its margin and commitment fee based on its performance against defined targets. These sustainability targets include:

- A year-on-year increase in the total renewable generation and battery energy storage system capacity

- An increase in the value of the Company's annual contributions to community funds

- The implementation of enhanced ESG reporting for suppliers to the Company's portfolio of assets

Performance against these sustainability targets will be measured annually with the cost of the RCF being amended accordingly in the following year. 

Lenders to the facility include an existing lender (National Westminster Bank PLC) and three new lenders (Allied Irish Banks PLC, Barclays Bank PLC and Lloyds Bank PLC). The margin can vary between 185bps and 195bps over SONIA ('Sterling Overnight Index Average') for Sterling drawdowns and EURIBOR (Euro Interbank Offered Rate) for Euro drawdowns, depending on performance against the Company's sustainability targets.

For further information, please contact: