22nd Aug 2018 12:16
LONDON (Alliance News) - Foresight Solar Fund Ltd said Wednesday its net asset value dropped in the first half of the year due to a drop in the forecast for UK power prices.
As at June 30 the solar assets company's net asset value per share stood at 105.2 pence, a 1.7% drop from 107.0p on December 31 as price forecasts for UK power continued to descend.
The company declared a 3.28p per share interim dividend and said it is on track to deliver its 6.58p target dividend for 2018, 4.1% ahead of its 6.32p per share dividend for 2017.
The company's pretax profit almost halved year-on-year to GBP6.0 million from GBP11.5 million as the company's loss on investments widened to GBP9.5 million from GBP13.1 million. Nonetheless, the company retained a general sense of optimism and drew attention to its fundraising post June end.
"The first half of 2018 has been a period of progress, marked by significant expansion in our UK portfolio, the first of our Australian assets connecting to the grid on schedule and the launch of an equity placing to support further UK asset acquisitions," said Foresight Solar Fund Chairman Alex Ohlsson.
"Following the period, the equity placing closed and was significantly oversubscribed. Proceeds from the placing funded our acquisition of 15 UK solar assets, which saw us become the largest UK-listed dedicated solar energy investment company by installed capacity. We remain confident that, with the positive operational performance of our assets, our continued ability to deliver net asset value-accretive investment opportunities and the global trend towards a higher penetration of renewable generation, we are well-positioned to deliver further growth," Ohlsson added.
Shares in Foresight Solar Fund were down 0.7% at 111.75p on Wednesday.
Related Shares:
Foresight Solar Fund