Foresight Solar Fund (LSE: FSFL)

Last close As at 29/02/2024

GBP0.90

0.00 (0.00%)

Market capitalisation

GBP526m

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.

Latest Insights

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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 (6.3) (7.0) (21.6)
Relative (6.0) (9.2) (18.8)
52 week high/low 114.6p/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.

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