Foresight Solar Fund Limited
Q4 2019 Net Asset Value
Click here to download the announcement.
Foresight Solar Fund Limited ("Foresight Solar" or "the Company"), a fund investing in a diversified portfolio of ground-based solar PV assets in the UK and internationally, announces that, as at 31 December 2019, its unaudited Net Asset Value ("NAV") was £626.9 million (30 September 2019: £599.4 million), resulting in a NAV per Ordinary Share of 103.6 pence (30 September 2019: 109.1 pence per share). The UK portfolio delivered a strong performance in 2019 with production 3.9% above budget.
The decrease in NAV per share is largely attributable to a significant downward revision of UK power price forecasts which resulted in a negative impact of approximately 5.5 pence per share. The updated Australian power price forecasts have had a broadly neutral impact on NAV per share for Q4 2019. In addition, and as previously announced, the results of OFGEM’s Targeted Charging Review led to a decrease in NAV of 1.6 pence per share. The Company’s NAV was also negatively impacted by a revaluation of the Oakey 2 asset as a result of a delay in the expected commissioning date caused by a weather incident at the end of January 2020, leading to a decrease of 1.1 pence to the NAV per share.
These movements were partially offset by a revision in the levered discount rate applied to the Company’s operating assets, reflecting the competitive market for quality operational portfolios and relatively low interest rate environment, resulting in a positive impact on NAV per share of 2.2 pence. Following this revision, the Company’s weighted average levered discount rate for its portfolio changed from 7.2% at 30 June 2019 to 7.1% at 31 December 2019. The Company also paid out a dividend of 1.69 pence per share during the period.
The Gross Asset Value (“GAV”), including Company and subsidiaries, as at 31 December 2019, was £1,070.4 million (30 September 2019: £1,099.9 million).
More information will be provided in the audited Annual Report which will be published on 9 March 2020.
For further information, please contact:
Jonathon McManus +44 (0)20 3667 8147
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Citigate Dewe Rogerson +44 (0)20 7638 9571