Foresight Solar Fund Limited Q1 2022 Net Asset Value and Operational Update (9657J)
May 03 2022 - 1:01AM
UK Regulatory
TIDMFSFL
RNS Number : 9657J
Foresight Solar Fund Limited
03 May 2022
03 May 2022
Foresight Solar Fund Limited ("Foresight Solar" or "the
Company")
Q1 2022 Net Asset Value ("NAV") and Operational Update
Foresight Solar Fund Limited, a fund investing in a diversified
portfolio of ground-based solar PV and battery storage assets in
the UK and internationally, announces that as at 31 March 2022 its
unaudited NAV was GBP714.4 million (31 December 2021: GBP660.0
million), resulting in a NAV per Ordinary Share of 117.1 pence (31
December 2021: 108.2 pence per share).
Summary of NAV Key drivers for Q1 2022:
Item p/share movement
NAV at 31 December 2021 108.2
-----------------
Power forecasts +5.8
-----------------
Power Purchase Agreements +0.8
-----------------
Inflation +2.1
-----------------
Oakey 1 and Longreach Refinancing +0.2
-----------------
Project actuals +0.1
-----------------
Other -0.1
-----------------
NAV at 31 March 2022 117.1
-----------------
The most significant impact on NAV was from the upward revision
in the short- and medium-term power price forecasts, following
independent forecasts from three independent consultants resulting
in a 5.8 pence per share uplift.
The Company actively manages its exposure to power prices by
ensuring an appropriate percentage of revenues are hedged at
optimal prices. This supports the objective of increasing the
predictability of cash flows and securing strong dividend cover.
New fixed price power purchase agreements - entered for future
periods between 2022 and 2025 - were secured at prices above
forecast adding a further 0.8 pence per share.
Inflation assumptions also provided a significant increase of
2.1 pence per share, as the NAV incorporated the rebasing effect of
actual inflation that was above the Company's assumption of 3% per
annum. The inflation assumption for the remainder of 2022 has been
increased to 5%. The Company's medium and long-term assumptions
remain unchanged.
Finally, the refinancing of the Oakey 1 and Longreach projects
in Australia on more favourable terms provided an uplift of 0.2
pence per share.
Gearing Update
The Gross Asset Value ("GAV"), including Company and
subsidiaries, as at 31 March 2022, was GBP1,244.2 million (31
December 2021: GBP1,172.0 million). The Company's total outstanding
debt is approximately GBP529.8 million, representing 42.6% of GAV
(31 December 2021: 43.7%).
Operational Update
The Company's Portfolio surpassed expectations for the quarter
with global revenues over 30% above budget. The key drivers are
higher than forecast production and merchant power price sales.
Generation was particularly strong in March with corresponding cash
receipts due to flow through in Q2 2022.
Acquisition pipeline update
The Company is currently reviewing a strong pipeline of UK
battery storage and subsidy free solar projects that which would be
accretive to the portfolio NAV and target yields.
For further information, please contact:
Foresight Group
Nish Sivarajan +44(0)20 3911 2318
( InstitutionalIR@ForesightGroup.eu
)
Jefferies International Limited +44(0)20 7029 8000
Neil Winward
Gaudi Le Roux
Citigate Dewe Rogerson +44(0)20 7638 9571
Toby Moore
Lucy Eyles
Lucy Gibbs
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END
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