Q3 2021 Net Asset Value (‘NAV’), Operational and Gearing Update

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2 November 2021


Foresight Solar Fund Limited (the “Company”)

Q3 2021 Net Asset Value (‘NAV’), Operational and Gearing Update

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 September 2021 its unaudited Net Asset Value was £635.0 million (30 June 2021: £596.4 million), resulting in a NAV per Ordinary Share of 104.1 pence (30 June 2021: 98.0 pence per share).

The increase in NAV during the third quarter is the result of several factors. The most significant was a reduction in discount rates applied to the UK operational portfolio from 6.5% to 6.0%, resulting in a NAV increase of approximately 3.3 pence per share. The revised discount rate is considered an accurate rate for the operational portfolio based on data points from recent market transactions and the opinion of the Investment Manager.

Other relevant NAV movements include a further upward revision in power price forecasts as high gas prices and low wind power generation in the UK led to a significant increase in near term wholesale power prices. This increase, based upon forecasts from three independent consultants available as at 30 September 2021, resulted in a positive impact on NAV for the quarter of approximately 1.5 pence per share.

Alongside the power price forecasts, the UK portfolio has also benefitted from the exposure to merchant revenues at a time of exceptionally high power prices. This is the primary driver behind the actual cash generated by the projects being ahead of budget, which has delivered a positive uplift of 0.7 pence per share. Additionally, the Company has entered into further fixed price offtake agreements for the UK portfolio that have been secured at prices above forecast, delivering an increase in NAV of approximately 0.5 pence per share.

During the period the Company also revised the assumption for useful economic lives on the Australian assets from 30 years to 40 years where this is within the restrictions of the lease. This aligns the Australian assets with the UK portfolio and delivered a further 0.7 pence per share to the NAV.

The Gross Asset Value (“GAV”), including Company and subsidiaries, as at 30 September 2021, was £1,106.3 million (30 June 2021: £1,057.2 million).

Operational Update  

Total revenue for the Company portfolio for the same period was 14% ahead of budget, supported by the significant increase in UK merchant power prices during the period.

Electricity generation for the Company portfolio was 3.2% below base case for the 9-month period to the end of September, driven by underperformance of the Australian assets as a result of grid outages on the network combined with lower than forecast irradiation.

Gearing Update

The Company's total outstanding debt as of 30 September 2021 was £471.3 million, including long-term debt of £371.3 million and revolving credit facilities of £100.0 million.

The total outstanding long-term debt of £371.3 million represents approximately 33.6% of GAV of the Company and Subsidiaries as at 30 September 2021.

The total outstanding debt including revolving credit facilities of £471.3 million represents approximately 42.6% of GAV of the Company and Subsidiaries as at 30 September 2021.


The Company remains on target to deliver an annual dividend of 6.98 pence per share for the year ending 31 December 2021.

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

Lucy Gibbs