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Foresight Solar Fund Ltd said on Wednesday it delivered a strong financial performance in 2021, boosted by strengthening UK wholesale power price forecasts and strong asset availability.
At December 31, the Jersey-based investment company focused on solar photovoltaics and battery storage assets increased its net asset value to £660.0 million from £582.2 million. Per share, NAV increased to 108.2 pence from 95.8p year-on-year.
Foresight said this increase was driven by strong UK power prices, above budget inflation and a reduction in discount rates.
Foresight declared a fourth interim dividend of 1.745 pence per share. As result, the company said it achieved its dividend target of 6.98 pence per share for the 2021.
Chair Alex Ohlsson said: ‘We made good progress on our strategy of revenue and geographic diversification and further enhanced our sustainability efforts, while a total NAV return for the year of 21.4% and earnings per share of 19.7% were significantly ahead of budget and represent an excellent financial performance.
‘Strong cash generation meant that we have been able to comfortably pay our target dividend, as we have done every year as a listed company, and I am pleased to announce an increased dividend target for 2022 of 7.12 pence per share.’
Shares in Foresight were up 1.4% at 109.55 pence on Wednesday in London.
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