Foresight Solar Fund Limited Edison review on Foresight Solar Fund (FSFL)
August 30 2022 - 3:19AM
RNS Non-Regulatory
TIDMFSFL
Foresight Solar Fund Limited
30 August 2022
London, UK, 30 August 2022
Edison issues review on Foresight Solar Fund (FSFL)
Foresight Solar Fund (FSFL) is the largest solar investor listed
in the UK by total net peak capacity of c 1.07GW (when
operational). We believe that the global and UK climate change
policies will remain renewable energy friendly, creating further
solar and battery storage growth opportunities for FSFL. FSFL
provides investors with a covered, sustainable and growing dividend
(even in 2020 amid depressed power prices). It is focused on
further strengthening its dividend cover (1.21x in FY21, targeting
a minimum of 1.5x in FY22) over the next four years. FSFL has
recently secured further exclusive positions in ready-to-build
battery storage projects totalling c 60MW targeted for completion
in the coming months. FSFL expects these to be accretive to the
portfolio NAV and target yields.
Rising commodity prices in 2021 and H122 led to higher power
prices, allowing FSFL to enter new short- and medium-term fixed
contracts at attractive prices. This resulted in higher merchant
revenues and NAV. The manager believes the dividend cover will
strengthen over the next four years, at the current contract
levels. In H122 and FY21, the UK portfolio (72% of total installed
capacity) performed strongly and ahead of budget. While the
Australian assets (16% of capacity) held FSFL's electricity
generation back during FY21, the managers expect the Australian
portfolio to make an improved operational contribution in FY22.
conservative.
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