18th Sep 2024 10:03
(Alliance News) - Foresight Solar Fund Ltd on Wednesday said its net asset value has fallen, following six months of poor weather and low generation.
The Jersey-based sustainability-focused fund investing in solar and battery storage assets in the UK and internationally said its net asset value per share for the six-month period ended June 30 was 114.90 pence, falling 3.5% on-year from 119.10p.
Net asset value was GBP656.8 million, down 9.6% on-year from GBP726.6 million.
The company said this was "principally driven by lower-than-budgeted generation due to poor weather and a fall in power price forecasts", reporting "one of the wettest first quarters in UK recorded history".
Foresight Solar declared an interim dividend per share of 4.00p, an increase of 5.8% on-year from 3.78p.
In August, Foresight Solar extended its share buyback program, increasing it by GBP10 million to a total allocation of up to GBP50 million. Since 2023, the company has repurchased more than GBP35 million of stock.
Chair Alexander Ohlsson said: "Foresight Solar has delivered resilient performance, once again proving solar power's effectiveness and, as an asset class, showing its stability against a complex macroeconomic backdrop.
"Progress has also been made with the second phase of the divestment program following the 50% stake sale in the Lorca portfolio last November. The sale of our Australian portfolio will be a key milestone and, once complete, will re-focus our efforts on the UK and Europe, where we have an exciting pipeline of opportunities fitting with our capital allocation priorities.
"The anticipated completion of the transaction in 2025 will not only help lower debt but will place the fund in a competitive financial position for when favourable market conditions return - supporting our ability to drive shareholder value."
Shares in Foresight Solar Fund were up 0.2% at 94.71 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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