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Interim Results to 30 June 2021 (16.09.2021)

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16 September 2021

Foresight Solar Fund Limited

(‘Foresight Solar’, ‘FSFL’ or ‘the Company’)

Interim Results to 30 June 2021

Foresight Solar, a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets in the UK and internationally, is pleased to announce its Interim Results for the six months ended 30 June 2021.

Highlights

A strong recovery in power price forecasts in the short and medium term was the main driver of increased NAV to £596.4m (31 December 2020: £582.2m) and the 2.3% increase in NAV per share to 98.0p (31 December 2020: 95.8p).

Solid operational performance of the UK portfolio with generation 3.4% above base case, driven by high asset availability and higher than expected irradiation levels.

Portfolio generation decreases to 2.3% below base case when the international portfolio is included, due to the Australian assets. Whilst operational problems were resolved during the period, irradiation was low and network issues will persist into H2 2021.

First investment in battery storage systems in the UK, further increasing the diversification of the Company’s portfolio and providing an additional source of attractive investment on a risk adjusted basis.

Successfully refinanced the Bannerton asset with A$81m senior debt facility on significantly more attractive financing terms.

Total dividend of 3.49 pence per share declared during the period; the Company remains on track to deliver its 2021 target dividend of 6.98 pence.

Key Metrics

 

As at

30 June 2021

As at 31 December 2020

As at

30 June 2020

Net Asset Value (“NAV”)

£596.4m

£582.2m

£582.1m

NAV per Share

98.0 pence

95.8 pence

96.0p

Gross Asset Value (“GAV”)

£1,057.2 million*

£1,054.6 million*

£1,022.5 million*

Total Dividend per Share for the period

3.49 pence

6.91 pence

3.45 pence

Annualised Total Shareholder Return since IPO**

5.5%

5.9%

6.79%

*   Calculated as NAV plus outstanding debt.

** Annualised from IPO on 29 October 2013

 

Commenting on the Company’s results, Alex Ohlsson, Chairman of Foresight Solar Fund Limited, said:

“An increase in near-term power prices, a solid UK operational performance and successful active management of power prices all contributed to a strong performance by Foresight Solar over the first six months of 2021.

“Following overwhelming shareholder approval in February to allow the introduction of battery storage systems (BSS) to the portfolio, we were pleased to reach a significant milestone in May with our first BSS investment. We expect battery storage systems, either stand-alone or co-locating with renewable generation, to become increasingly utilised as further grid stability is required and to provide value creating opportunities arising from the energy transition drive in the UK and internationally.

“Looking forward, while we will remain focused on UK acquisitions, the Board believes geographical diversification will benefit shareholders over the longer term and the Investment Manager, through its international reach, continues to review an attractive pipeline of solar and battery assets in the UK and internationally that can deliver growth opportunities. The Board of Foresight Solar, supported by the Investment Manager, will continue to aim to deliver its progressive dividend policy by optimising the operational performance of the portfolio and ongoing active power price management.”

 

Results presentation

Foresight Solar Fund Ltd is holding a webcast presentation for analysts at 08:30 today. Analysts wishing to attend should contact foresightsolar@citigatedewerogerson.com. An investor presentation will also be uploaded to the FSFL website.

 

Dividend Declaration

The Board is pleased to announce the second interim dividend relating to 2021 of 1.745 pence per ordinary share ("the Dividend"). The shares will go ex-dividend on 28 October 2021 and the Dividend will be paid on 26 November 2021 to shareholders on the register as at the close of business on 29 October 2021.

Foresight Solar confirms its dividend target of 6.98 pence per ordinary share for 2021.

Full details of the scrip dividend alternative that is being offered in respect of the Dividend (the "Scrip Offer") and the Scrip Dividend Scheme can be found in the Scrip Dividend Alternative Offer Document (the "Scrip Document") available on the Company's website to view and/or download at fsfl.foresightgroup.eu/investor-relations/. The Scrip Document is also available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and copies are also available for inspection at JTC House, 28 Esplanade, St. Helier, Jersey JE2 3QA.

The reference price of the new shares issued under the Scrip Offer will be calculated and published on or around 4 November 2021.

Shareholders will receive the Dividend in cash, unless they have previously completed a standing election (a "Form of Election") to receive new shares pursuant to the Scrip Offer. Shareholders who would like to receive such new shares rather than cash, and who have not previously submitted a Form of Election, should complete the Form of Election at the back of the Scrip Document and return it to the Company's Receiving Agent, Computershare Investors Service (Jersey) Limited by no later than 5.00pm on 15 November 2021.

The expected timetable in relation to the Dividend will be as follows:

Ex-dividend Date            

28 October 2021

Record Date

29 October 2021

Scrip Price Announcement         

4 November 2021

Last Date for Submission of Forms of Election

15 November 2021

Last Date Crest Elections

15 November 2021

Anticipated Listing of New Shares

26 November 2021

Dividend Payment Date

26 November 2021

For further information, please contact:

Foresight Group 
+44 (0)20 3911 2318
Nish Sivarajan
InstitutionalIR@ForesightGroup.eu

Jefferies International Limited

+44 (0)20 7029 8000

Neil Winward

Gaudi Le Roux

Citigate Dewe Rogerson 
+44 (0)20 7638 9571 
Toby Moore

Elizabeth Kittle
Lucy Gibbs

 

Notes to Editors

About Foresight Solar Fund Limited

Foresight Solar is a Jersey registered, closed-end investment company investing in a diversified portfolio of ground-based solar PV and battery assets in the UK and internationally.

Since its IPO in October 2013, FSFL has raised more than £634 million through multiple share placings. It is the largest UK-listed dedicated solar energy investment company by solar installed capacity and market capitalisation.

The Company targets a progressive dividend policy and has paid all target dividends to date. The target dividend for 2021 is 6.98 pence per share.

FSFL is managed by Foresight Group, a leading independent Global Infrastructure & Private Equity manager, which provides FSFL with depth of experience in fund management, deal origination and execution. The Company has a fully independent Board of Directors and is chaired by Alex Ohlsson. The lead Investment Manager for the Company is Ricardo Piñeiro, Partner at Foresight Group.