Q2 2021 Net Asset Value and Operational Update (02.08.2021)

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2 August 2021

Foresight Solar Fund Limited (the "Company")

Q2 2021 Net Asset Value, operational update and Interim Results release date

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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 30 June 2021 its unaudited Net Asset Value was £596.4 million (31 March 2021: £558.7 million), resulting in a NAV per Ordinary Share of 98.0 pence (31 March 2021: 91.9 pence per share).

Summary of NAV Key drivers for Q2 2021:


p/share movement

NAV at 31 March 2021


Power forecasts

+ 2.9

Power Purchase Agreements


Bannerton refinance




Business Rates


Generation forecast


Other movements


NAV at 30 June 2021


The increase in NAV over the second quarter is attributable to various factors. Most significant was an upward revision in power price forecasts due to the strengthening in commodity and carbon prices in the short and medium term. The upward shift in power price forecasts, based upon independent forecasts from three independent consultants available as at 30 June 2021, resulted in a positive impact on NAV of approximately 2.9 pence per share.

Power prices in the UK have continued to strengthen during the first six months of 2021 due to high commodity prices and following the easement of the Covid-19 social and economic restrictions. The Company continues to actively manage its power price exposure with the objective of increasing the predictability of cash flows by ensuring a sufficient percentage of revenues are hedged at optimal electricity prices, having identified the opportunity to successfully enter new fixed price agreements for various UK portfolio assets during the period. The new agreements were secured at prices significantly above forecast, delivering an increase in NAV of approximately 0.5 pence per share. Following the execution of the new agreement the percentage of fixed revenues for the company is expected to increase to 75% of total revenues in 2021, 74% in 2022 and 57% in 2023.

During the period the Company also successfully refinanced one of its Australian assets, Bannerton. The new 5-year term debt facility has been secured on significantly more attractive financing terms resulting in a positive impact on NAV of 0.7 pence per share.

Other relevant NAV movements include the adjustment of actual inflation figures for the first six months of 2021 (positive impact on NAV of 0.9 pence per share), the independent review of business rate assumptions for UK assets after the end of the ROC subsidy period (positive impact on NAV of 0.5 pence per share) and a review of the generation forecast for assets presenting historical performance for a minimum period of 2 years consistently above base case (positive impact on NAV of 0.3 pence per share).

The Gross Asset Value ("GAV"), including Company and subsidiaries, as at 30 June 2021, was £1,057.2 million (31 March 2021: £1,023.5 million).

Operational Update

Electricity generation from the UK portfolio for the six months to June was 3.4% above budget, driven by strong asset operational performance and irradiation levels above budget.

Positive progress continues to be made across the Company's 146 MW Australian portfolio with all projects fully operational.

In Spain, the Virgen del Carmen subsidy-free project currently under construction is expected to be commissioned by the end of September 2021. In relation to the 98.5MW subsidy-free solar portfolio acquired on 31 December 2020, the Investment Manager continues to evaluate long-term Power Purchase Agreement options with major European energy suppliers. The Company reaffirms its intention to finalise the Power Purchase Agreement and introduce a project finance facility at portfolio level to partially fund construction milestones during the course of 2021.

Gearing update

The Company's total outstanding debt as of 30 June 2021 was £460.8 million, including long-term debt of £379.9 million and revolving credit facilities of £80.9 million.

The total outstanding long-term debt of £379.9 million represents approximately 35.9% of GAV of the Company and Subsidiaries as at 30 June 2021.

The total outstanding debt including revolving credit facilities of £460.8 million represents approximately 43.6% of GAV of the Company and Subsidiaries as at 30 June 2021.


The Company remains on target to deliver an annual dividend of 6.98 pence per share for the year ending 31 December 2021. The second interim dividend payment of 1.745 pence per share is scheduled to be paid on 27 August 2021 as previously announced.

2021 Interim Results release date

The Company announces it plans to release full results for the six-month period to 30 June 2021 on 16 September. A further Notice of Results announcement will be released in due course.

For further information, please contact:

Foresight Group

Nish Sivarajan

+44 (0)20 3911 2318


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

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