16th Feb 2017 09:13
LONDON (Alliance News) - Foresight Solar Fund Ltd on Thursday said its net asset value per share rose over 2016, and it is on track to continue increasing its payout year-on-year.
The solar power project investor said its net asset value at the end of 2016 was GBP350.8 million, up from GBP279.1 million a year earlier and its net asset value per share rose to 102.90 pence from 99.00p the prior year.
Foresight said its underlying portfolio is now fully operational and accredited, totalling 16 assets with an installed capacity of 348 megawatts. The total revenue from the assets amounted to GBP34.2 million in 2016.
The fund said it was on track to deliver a full year dividend for 2016 of 6.17p per share, and plans to pay 6.32p per share the following year, noting that since its initial public offering in 2013 it has delivered on all target dividends.
Foresight pointed to the improving outlook for power prices has led to a "supportive market" for further buys, and said it has identified a number of opportunities as the UK's secondary market for solar assets matures. Foresight said it will "selectively" pursue these opportunities to expand its portfolio and support cash generation.
Active negotiations are underway with 150 megawatts of capacity, of which 50 megawatts are expected to be bought immediately.
"During 2016, positive progress has been made by focusing on the consolidation and optimisation of the assets. The company is now well-placed to take advantage of the expected recovery in UK wholesale power prices, which will support the continued delivery of attractive returns to shareholders," said Chairman Alex Ohlsson.
Shares in Foresight were up 0.3% at 107.43p on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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