Foresight Solar Fund Limited Q3 2020 Net Asset Value and Operational Update (1524F)
November 13 2020 - 2:00AM
UK Regulatory
TIDMFSFL
RNS Number : 1524F
Foresight Solar Fund Limited
13 November 2020
Foresight Solar Fund Limited ("Foresight Solar" or "the
Company")
Q3 2020 Net Asset Value ("NAV") and Operational Update
Foresight Solar Fund Limited, a fund investing in a diversified
portfolio of ground-based solar PV assets in the UK and
internationally, announces that as at 30 September 2020 its
unaudited Net Asset Value was GBP580.6 million (30 June 2020:
GBP582.1 million), resulting in a NAV per Ordinary Share of 95.6
pence (30 June 2020: 96.0 pence per share)
The stable NAV over the quarter is largely attributable to
minimal movement in power price forecasts over the quarter. This
stabilisation in power prices reflects the ongoing short-term power
price recovery following the decline in electricity demand linked
to Covid-19 restrictions in the first half of 2020. Aside from the
usual cashflow movements, there was no significant impact on NAV to
highlight during the period and the portfolio continues to perform
ahead of expectations.
The Gross Asset Value ("GAV"), including Company and
subsidiaries, as at 30 September 2020, was GBP1,016.8 million (30
June 2020: GBP1,022.5 million).
Operational Update
The Company's UK portfolio continues to deliver strong
operational performance and is approximately 10% above its forecast
generation budget for the nine months to 30 September 2020. This
reflects irradiation levels experienced that are higher than
anticipated combined with robust performance ratios across the
portfolio.
The Company's last construction asset in Australia Oakey II has
now reached 100% export capacity and is undergoing final
commissioning tests.
Spanish Acquisition
As previously announced, the Company completed the acquisition
of its first unsubsidised solar project in Spain on 7 September
2020. The asset is scheduled to become fully operational in the
third quarter of 2021. Following this acquisition, the Company's
portfolio comprises of 55 assets, based in the UK, Australia and
Spain, with an installed capacity of 895 MW.
The Investment Manager continues to develop a healthy pipeline
of attractive subsidy-free opportunities with a number of further
deals in advanced stages of negotiation.
Dividend
The Board of Foresight Solar re-affirms the Company's FY 2020
dividend target of 6.91 pence per share.
Board update
The Company is pleased to confirm the appointment of Ann Markey
as an Independent Non-Executive Director during the quarter as
planned.
Ms Markey is an experienced business leader and non-executive
director with a strong financial background and over 20 years'
experience as a senior executive and board director in a number of
businesses, both public sector and private. Ms Markey has extensive
experience in the electricity industry, particularly in thermal and
renewable generation, including PV solar and wind.
For further information, please contact:
Foresight Group
Jonathon McManus +44 (0)20 3667 8147
(InstitutionalIR@ForesightGroup.eu)
Jefferie s International Limited +44(0)20 7029 8000
Neil Winward
Gaudi Le Roux
Citigate Dewe Rogerson +44 (0)20 7638 9571
Nick Hayns
Louise Mason-Rutherford
Elizabeth Kittle
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