Foresight Solar Fund (LSE: FSFL)

Currency in GBP

Last close As at 06/02/2023

GBP1.20

1.40 (1.18%)

Market capitalisation

GBP721m

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.

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Equity Analyst

Victoria Chernykh

Victoria Chernykh

Director, Investment Trusts

Key Management

  • Ben Thompson

    Group marketing officer

  • Nish Sivarajan

    Institutional investor relations

  • Pietro Zerauschek

    Head of Foresight, North America

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.7 9.5 18.4
Relative (4.7) (0.5) 17.2
52 week high/low 125.4p/98.8p

Overview

Foresight Solar Fund (FSFL) is the largest solar investor listed in the UK by total net peak capacity of c 1.07GW (when operational). We believe that the global and UK climate change policies will remain renewable energy friendly, creating further solar and battery storage growth opportunities for FSFL. FSFL provides investors with a covered, sustainable and growing dividend (even in 2020 amid depressed power prices). It is focused on further strengthening its dividend cover (1.21x in FY21, targeting a minimum of 1.5x in FY22) over the next four years. FSFL has recently secured further exclusive positions in ready-to-build battery storage projects totalling c 60MW targeted for completion in the coming months. FSFL expects these to be accretive to the portfolio NAV and target yields.

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