Foresight Solar Fund Limited Q4 2019 Net Asset Value (3936D)
February 19 2020 - 2:00AM
UK Regulatory
TIDMFSFL
RNS Number : 3936D
Foresight Solar Fund Limited
19 February 2020
Foresight Solar Fund Limited
Q4 2019 Net Asset Value
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 December 2019, its unaudited Net Asset
Value ("NAV") was GBP626.9 million (30 September 2019: GBP599.4
million), resulting in a NAV per Ordinary Share of 103.6 pence (30
September 2019: 109.1 pence per share). The UK portfolio delivered
a strong performance in 2019 with production 3.9% above budget.
The decrease in NAV per share is largely attributable to a
significant downward revision of UK power price forecasts which
resulted in a negative impact of approximately 5.5 pence per share.
The updated Australian power price forecasts have had a broadly
neutral impact on NAV per share for Q4 2019. In addition, and as
previously announced, the results of OFGEM's Targeted Charging
Review led to a decrease in NAV of 1.6 pence per share. The
Company's NAV was also negatively impacted by a revaluation of the
Oakey 2 asset as a result of a delay in the expected commissioning
date caused by a weather incident at the end of January 2020,
leading to a decrease of 1.1 pence to the NAV per share.
These movements were partially offset by a revision in the
levered discount rate applied to the Company's operating assets,
reflecting the competitive market for quality operational
portfolios and relatively low interest rate environment, resulting
in a positive impact on NAV per share of 2.2 pence. Following this
revision, the Company's weighted average levered discount rate for
its portfolio changed from 7.2% at 30 June 2019 to 7.1% at 31
December 2019. The Company also paid out a dividend of 1.69 pence
per share during the period.
The Gross Asset Value ("GAV"), including Company and
subsidiaries, as at 31 December 2019, was GBP1,070.4 million (30
September 2019: GBP1,099.9 million).
More information will be provided in the audited Annual Report
which will be published on 9 March 2020.
For further information, please contact:
Foresight Group
Jonathon McManus +44 (0)20 3667 8147
(InstitutionalIR@ForesightGroup.eu)
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Bloomfield
Nick Donovan
Maarten Freeriks
Citigate Dewe Rogerson +44 (0)20 7638 9571
Nick Hayns
Louise Mason-Rutherford
Elizabeth Kittle
Lucy Eyles
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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