21st May 2025 11:49
(Alliance News) - Foresight Solar Fund Ltd on Wednesday said its electricity production in the UK was ahead of its budget at the start of 2025 due to strong irradiation.
The Jersey-registered investor in solar and battery storage assets said UK electricity production was 9.4% above budget in the period to the end of April, with strong performance in March and April.
Foresight said its portfolio performed well despite prolonged network outages at several large sites. Excluding the outages, generation was 12% higher than expected.
The company said grid outages and poor weather conditions meant production was 12% below forecasts in Spain.
In Australia, higher-than expected curtailment cut production to 11% below expectations.
Overall, generation in the global portfolio was 0.3% above budget in the period, and is tracking ahead of forecasts for the full year, Foresight Solar added.
Excluding network outages, it said global production was 1.9% higher than expected.
Foresight Solar Fund also said the sale of its Australian portfolio is continuing, with technical advisors now due to finalise forecasting assessments.
Given delays to the process, Foresight Solar said it believes targeting a deal before the end of the year is "more realistic".
It added that it will continue to review the total allocation as its GBP0 million buyback programme nears completion.
Chair Alex Ohlsson said: "We're confident our operational projects, combined with our active power price hedging strategy, will continue to generate reliable cash flow to support our dividend payments, delivering on the income aspect of our investment objective - especially as negative power prices become more prevalent.
"The board believes consolidation will be a major feature in the year ahead to create larger, more liquid vehicles that continue to provide investors with exposure to an appealing asset class. The directors are fully aware of the benefits that successful consolidation can deliver and have made a formal proposal that did not advance. We will continue to evaluate all options with the potential to maximise value for shareholders," Ohlsson concluded.
Shares in Foresight Solar Fund were up 0.4% to 75.30 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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