REG - Foresight Solar Fund - Q1 2025 Net Asset Value

Foresight Solar FundAnnouncement

Wed 07:00

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RNS Number : 5785H  Foresight Solar Fund Limited  07 May 2025

7 May 2025

 

Foresight Solar Fund Limited

(the "Company", "Foresight Solar" or "FSFL")

 

Q1 2025 Net Asset Value

 

Foresight Solar, the fund investing in solar and battery storage assets to
build income and growth, announces that its unaudited net asset value (NAV)
was £620.9 million at 31 March 2025 (31 December 2024: £634.4 million). This
results in a NAV per Ordinary Share of 111.0 pence (31 December 2024: 112.3
pence per share).

 

Summary of key changes to NAV

 

 Item                     p/share movement
 NAV on 31 December 2024  112.3p
 Interim dividends paid   -2.0p
 Time value               +2.0p
 Power price forecasts    -1.1p
 Project actuals          -0.4p
 Share buyback programme  +0.4p
 Other movements          -0.2p
 NAV on 31 March 2025     111.0p

 

Lower power price forecasts for the UK and Spain, especially in the medium and
long term, were the primary drivers of the reduced NAV in the quarter. The
blended curve for Australia remained mostly balanced. Overall, these changes
led to a 1.1 pence per share (pps) reduction in net asset value.

 

Irradiation below expectations in the UK in January and February, alongside
network outages at several larger sites, resulted in lower-than-forecast
electricity generation. Due to the timing of cash receipts, the positive
impact of strong sunshine in March, and its associated revenue, will be
captured post-period. Network outages in Spain and curtailment in Australia
also limited portfolio performance. Overall, this resulted in a 0.4pps
decrease in NAV.

 

The Company continued its buyback programme, repurchasing 5.6 million shares,
returning £4.2 million to shareholders, and adding 0.4pps to NAV in the first
quarter of 2025. FSFL has delivered a cumulative 2.6pps increase in NAV since
the buyback began in May 2023.

 

Gearing

 

The Gross Asset Value (GAV) on 31 March 2025 was £1,035.3 million (31
December 2024: £1,039.4 million). The Company's total outstanding debt was
£414.4 million, representing 40.0% of GAV (31 December 2024: £410.3 million
and 39.4%), comfortably within the 50% limit. Seasonal working capital
requirements resulted in the RCF balance being £88.9 million drawn (31
December 2024: £73.4 million). Repayment to year-end levels is expected
before 30 June 2025.

 

Divestment update

 

The sale of the Australian operational solar and development-stage BESS
portfolio is progressing. The investment manager is working with technical
advisors to complete the necessary forecasting assessments, but, as previously
explained, this has taken longer than expected. There may be further knock-on
effects on the deal timeline as the investment manager balances an expeditious
sale with maximising shareholder value.

 

Meanwhile, the investment manager has progressed the preparation of the
additional 75MW+ of operational solar projects to be sold. The expectation is
that these projects will be brought to market this quarter, as previously
announced.

 

The board will provide more information on the Company in a trading update
later this month.

 

For more information, follow Foresight Solar on LinkedIn
(https://www.linkedin.com/showcase/foresight-solar/) or contact:

 

 Foresight Group                  +44 (0)20 3911 2318

 Matheus Fierro

 (fsflir@foresightgroup.eu)

 Jefferies International Limited  +44 (0)20 7029 8000

 Gaudi Le Roux

 Harry Randall

 Singer Capital Markets           +44 (0)20 7496 3000

 Alaina Wong

 Sodali & Co                      +44 (0)20 7250 1446

 Gilly Lock

 Madeleine Gordon-Foxwell

 JTC (Jersey) Limited             +44 (0) 1534 700 000

 Hilary Jones

 

LEI: 213800VO4O83JVSSOX33

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