Cookie
settings

Q4 2019 Net Asset Value

Share on

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:

Foresight Group

Jonathon McManus                                                                                    +44 (0)20 3667 8147

(InstitutionalIR@ForesightGroup.eu)

Stifel Nicolaus Europe Limited                                                           +44 (0)20 7710 7600

Mark Bloomfield

Nick Donovan

Maarten Freeriks

 

Citigate Dewe Rogerson                                                                          +44 (0)20 7638 9571

Nick Hayns

Louise Mason-Rutherford

Elizabeth Kittle

Lucy Eyles