REG - Foresight Solar Fund - Share buyback programme extension

Foresight Solar FundAnnouncement

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RNS Number : 1794R  Foresight Solar Fund Limited  16 July 2025

16 July 2025

 

Foresight Solar Fund Limited

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

 

Share buyback programme extension

 

Foresight Solar, the fund investing in solar and battery storage assets to
build income and growth, announces it has allocated up to a further £10
million to its ongoing share buyback programme, bringing the total to a
potential £60 million, extending one of the renewables sector's largest
initiatives relative to net asset value (NAV), and strengthening capital
returns to shareholders.

 

Since repurchases began, FSFL has reacquired more than 50 million shares,
delivering a cumulative 2.6 pence per share increase in NAV.

 

Operating performance

Preliminary information from the global portfolio indicates that strong solar
resource contributed to electricity production more than 5% above budget in
the second quarter of 2025. The Company will publish an overview of its
operational performance in August, along with its Net Asset Value update.

 

Dividend target

The strong global operating performance, in combination with Foresight Solar's
active power price hedging strategy, gives the board confidence in the 1.3x
dividend cover target for this year.

 

During the second quarter, the investment manager continued to secure prices
at levels accretive to dividend cover, including forward fixes and financial
derivatives. Total contracted global revenues now stand at 88% for 2025, 77%
for 2026, and 63% for 2027, with the average hedged power price for the UK
portfolio at £85.48/MWh, £74.05/MWh and £74.51/MWh in each corresponding
year.

 

Development pipeline

The latest round of grid capacity awards for battery storage projects in Spain
have been announced. The Company has been allocated more than 100MW of
capacity across five locations - three in Catalonia and two in the Balearic
Islands - a significant step forward in the value creation opportunity from
the development pipeline.

 

Alongside Muel, the 55MW solar project expected to reach ready-to-build status
in Spain by the end of this year, the BESS projects demonstrate the
proprietary development pipeline is nearing its goal of generating upside for
investors as projects are de-risked from development to ready-to-build and to
operations.

 

Divestments

In Australia, technical advisors finalised the necessary forecasting
assessments to support bidder due diligence, and the sale process is moving
ahead. Whilst this has taken time, the quality of information provided to the
market is important to underpin portfolio value.

 

Good progress has been made in the divestment of the additional 75MW of
operational solar projects, with advisors appointed and a live process
underway in the market.

 

Regulatory environment

The government's update on the Review of Energy Market Arrangements (REMA) was
welcome news for the sector. The decisions offer much-needed clarity to
investors and consumers, support the renewable energy build-out necessary to
meet Net Zero goals, and incentivise the deployment needed to future-proof the
country's electricity network.

 

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                              +44 (0) 1534 700 000

 Hilary Jones

 

LEI: 213800VO4O83JVSSOX33

 

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