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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

Investment Companies | edison tv

Foresight Solar Fund – executive interview

Investment Companies | Flash note

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

Foresight Solar Fund_resized

Update

Investment Companies

Foresight Solar Fund — Generating solar power and cash

edison tv

Investment Companies

Foresight Solar Fund – executive interview
Foresight Solar Fund_resized

Investment Companies

Flash note

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

Foresight Solar Fund_resized

Flash note

Investment Companies

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

edison tv

Investment Companies

Foresight Solar Fund – executive interview

Review

Investment Companies

Foresight Solar Fund — Growth ambitions

Review

Investment Companies

Foresight Solar Fund — Powered by merchant exposure

Initiation

Investment Companies

Foresight Solar Fund — Solar energy: the future is here

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