Foresight Group LLP has completed the sale of its portfolio of solar assets held in the Ordinary share class generating gross proceeds of over £100m. The total energy generation capacity of the portfolio amounts to 70MWp.
This sale delivers a strong tax-free return to shareholders of approximately 140p per share, reflecting Foresight’s expertise in asset management optimisation. This is an increase of 6.7% on the last reported Net Asset Value (30 September 2022) of 131.2p. The total return to investors is approximately 185p.
This follows a strong year of performance across Foresight VCTs, with highlights including the exits of Codeplay Software, delivering a 15.7x return, and TFC Europe Limited, for a 12.6x return. As well as delivering outsized returns for investors, Foresight has expanded its VCT business through the acquisition of Downing’s VCT and EIS business, as well as launched institutional funds in the North East of England and Yorkshire, allowing Foresight to further grow its regional network.
Ernie Richardson, Chair of Foresight Solar & Technology VCT plc, commented: “We are delighted with the uplift in value that the Ordinary share class portfolio has shown over the last 18 months. Along with this, the team managing the Fund have expertly negotiated an exceptional return for our investors and we are pleased with the outcome of this sale.
“Our confidence is illustrated by the launch of the Foresight Solar & Technology VCT plc FWT Share Class prospectus last month. The progress made by the FWT Fund since its inception in 2019 provides us with confidence for 2023 and we hope to continue this trajectory.”
