Foresight Solar Fund (LSE: FSFL)

Last close As at 18/03/2024

GBP0.90

0.50 (0.56%)

Market capitalisation

GBP521m

Foresight Solar Fund’s (FSFL’s) investment objective is to provide investors with a sustainable and progressive quarterly dividend underpinned by investments in a geographically diverse portfolio of assets. FSFL aims to preserve and, where possible, enhance capital value. It acquires largescale solar power plants, identifying solar opportunities in the UK and overseas markets (to 25% of gross asset value). FSFL can also invest in battery storage systems (BSS) up to a limit of 10% of gross asset value (GAV) and in solar or BSS assets in development stage up to 5% of GAV.

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Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Harry Kilby

Analyst

Key Management

  • Matheus Fierro

    Investor relations lead

  • Ricardo Pineiro

    Partner, head of Infrastructure

  • Ross Driver

    Managing director, Infrastructure

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.5 (7.6) (16.6)
Relative (0.8) (10.5) (19.1)
52 week high/low 113.8p/84.0p

Overview

Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December). FY23 also saw FSFL’s divestment programme come to fruition with the sale of a 50% stake in its Spanish Lorca portfolio at a 21% premium to its holding value. The proceeds of this divestment, along with free cash, were used to pay down the fund’s variable rate debt via its revolving credit facility by £40m and to continue to deliver on the share buyback programme, with half of the £40m being deployed in 2023. FSFL released guidance of a 6% y-o-y increase in its dividend (33% dividend growth since IPO) for FY24 at 8p/share (FY23: 7.55p/share) with dividend cover of 1.5x (FY23: 1.6x). There is significant headroom in the dividend cover to operate further out, even in a falling power price environment.

Research

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Update

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Foresight Solar Fund — Generating solar power and cash

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Review

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