Foresight Solar Fund (LSE: FSFL)

Currency in GBP

Last close As at 06/12/2023

GBP0.98

−0.20 (−0.20%)

Market capitalisation

GBP578m

Foresight Solar Fund’s (FSFL) 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 large-scale 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 a 5% of GAV.

Latest Insights

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Investment Companies | Flash note

Foresight Solar Fund — Q3 NAV and first sale of divestment programme

Investment Companies | Update

Foresight Solar Fund — Generating solar power and cash

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Foresight Solar Fund – executive interview

Investment Companies | Flash note

Foresight Solar Fund — Q2 NAV, trading and capital recycling update

Foresight Solar Fund_resized

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 9.9 4.8 (17.4)
Relative 8.6 4.3 (16.1)
52 week high/low 119.8p/84.0p

Overview

Foresight Solar Fund (FSFL) achieved record cash generation of £87.8m from its underlying assets to 30 September 2023, driven by favourable fixed prices, despite production being below budget. As a result, FSFL paid down £10m of its revolving credit facility (RCF) during the period. After the Q3 period, FSFL sold 50% of its 99MW Lorca portfolio in Spain for €26.9m, at a 21% premium to its Q3 holding value. The proceeds from this transaction will be used to further reduce the RCF. Global revenues are 85% contracted for 2024, ensuring forecast net dividend cover of 1.5x until at least 2025. FSFL remains on target to pay its full year dividend.

Research

Flash note

Investment Companies

Foresight Solar Fund — Q2 NAV, trading and capital recycling update

edison tv

Investment Companies

Foresight Solar Fund – executive interview

Review

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Foresight Solar Fund — Growth ambitions

Review

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Foresight Solar Fund — Powered by merchant exposure

Initiation

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Foresight Solar Fund — Solar energy: the future is here

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