22 August 2018
Foresight Solar Fund Limited
(‘Foresight Solar’, ‘FSFL’ or ‘the Company’)
Interim Results to 30 June 2018 and Dividend Announcement
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Alternatively, you click here can access the full report on the FSFL webiste.
Foresight Solar, a fund investing in a diversified portfolio of ground-based solar PV assets in the UK and internationally, is pleased to announce its Interim Results for the six months ended 30 June 2018.
NAV decreased to £473.1 million over the period (31 December 2017: £481.3 million), being 105.2 pence per share (31 December 2017: 107.0 pence). This reduction was primarily driven by a continued softening of UK power price forecasts.
During the period under review, the Company has declared dividends per share of 3.28 pence. The Company remains on track to deliver its targeted full year dividend of 6.58 pence for FY2018 (FY2017: 6.32 pence)*.
Electricity production at portfolio level has been above base case assumptions driven by strong irradiation levels in the UK in the second quarter of 2018. The portfolio generated 260GWh of clean energy, sufficient to power 84,000 homes for a year.
The Company acquired a 53MW portfolio of five operational assets in the UK, continuing the value accretive expansion of the portfolio.
In March 2018, Longreach became the first of the Company’s Australian assets to successfully connect to the grid.
Post period, in July 2018, the Company completed a significantly oversubscribed placing, raising £48.1 million of new capital with the net proceeds of the placing used to fund the purchase of a 114MW portfolio of 15 operational assets located in the UK. The transaction completed on 3 August 2018.
Following this acquisition, the Company is now the largest UK-listed, dedicated solar energy investment company by installed capacity.
The Investment Manager continues to pursue a focused asset acquisition strategy, with the aim of delivering NAV accretive investment opportunities and currently has exclusivity over a 72MW UK operational portfolio.
* Target returns are not a profit forecast. There can be no assurance that target returns will be met and it should not be seen as an indication of the Company’s expected or actual results or returns.
The Company is also pleased to announce that the second Quarterly dividend of 1.64 pence per share was approved by the Directors and will be paid on 23 November 2018.