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Foresight Solar Fund Ltd on Thursday reported strong growth in net asset value due to increased power prices in the first half year of 2022.
The Jersey-based investment fund focused on solar photovoltaics and battery storage reported a net asset value of £754.9 million on June 30, up from £660.0 million on December 31 and £596.4 on June 30, 2021.
Foresight Solar noted that this was driven by ‘further upward revisions in power price forecasts and updates to short-term inflation assumptions’.
NAV per share rose 14% to 123.8 pence on June 30, from 108.2p on December 31, 2021.
Consolidated revenue was 18% ahead of budget for the period while Earnings before interest, taxes, depreciation and amortisation was 26% ahead. Both were driven by stronger power prices.
The investment fund is on track to deliver its 2022 target dividend of 7.12p, compared to 6.98p it paid for 2021. The dividend is expected to be covered by contracted revenue.
The company's portfolio generated enough clean energy to power 189,600 homes, up 12% from 169,650 a year ago. The company noted that this avoided 424,477 tonnes of carbon emissions in the first half of 2022.
Foresight Solar's Spanish porfolio is now entering operations with the 99 megawatt Lorca project, based in Granada, successfully energising in the period. It also made its second investment in standalone battery storage systems with the 50% acquisition of 50MW Clayfords project in Aberdeen.
Chair Alex Ohlsson said: ‘Solar power has an integral part to play in a well-balanced future energy mix and the reduction of wholesale energy prices. An environment that supports the development of low-cost renewable generation, as well as grid balancing technology, will provide a clear path to energy security and the company is seeing robust demand from investors to fund the construction of these low carbon technologies.
‘Given the strength of industry fundamentals across all our core markets and our exciting pipeline of attractive opportunities across solar and battery storage in both the UK and Europe, Foresight Solar remains well positioned for further growth as we look to the rest of 2022 and beyond.’
Shares in Foresight Solar were trading 1.5% higher at 124.00 pence each in London on Thursday morning.
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