Foresight Solar Fund Limited
Q1 2021 Net Asset Value ("NAV")
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Foresight Solar Fund Limited, a fund investing in a diversified portfolio of ground-based solar PV and Battery Storage assets in the UK and internationally, announces that as at 31 March 2021 its unaudited Net Asset Value was £558.7 million (31 December 2020: £582.20 million), resulting in a NAV per Ordinary Share of 91.9 pence (31 December 2020: 95.8 pence per share).
The decrease in NAV over the first quarter is largely attributable to a downward revision in the medium and long-term power price forecasts during the period (-2.3 pence per share) and the recent announcement of the increase in UK Corporation Tax to 25% from April 2023 (-1.3 pence per share), which is assumed to remain unchanged thereafter for the remaining useful economic life of the UK portfolio assets.
The Gross Asset Value ("GAV"), including Company and subsidiaries, as at 31 March 2021, was £1,023.5 million (31 December 2020: £1,054.6 million).
The Company re-affirms its FY 2021 dividend target of 6.98 pence per share.
For further information, please contact:
+44 (0)20 3667 8147
Jefferies International Limited
+44(0)20 7029 8000
Gaudi Le Roux
Citigate Dewe Rogerson
+44 (0)20 7638 9571