In its results for the first half of 2022, concluding on June 30, Foresight Solar Fund recorded a net asset value (NAV) of £755 million, up from £660 million for the second half of 2021, ending on December 31.
According to Foresight Solar Fund, NAV was driven by updated short-term inflation assumptions and further upward adjustments to power price predictions.
In the first half of 2022, NAV per share increased 14.4% to 123.8 pence from 108.2 pence in the second half of 2021.
Due to high irradiation for the UK portfolio and strong operational performance, the amount of electricity generated by the worldwide portfolio was 2.8% over base case for the first half of this year.
Strong power prices contributed to consolidated revenues and EBITDA being 18% and 26% above target for the period.
The 99MW Lorca Portfolio, part of the Spanish portfolio of Foresight Solar Fund, successfully went online throughout the period and eventually reached full operation.
The company also acquired a 50% stake in the 50MW Clayfords project in Aberdeenshire, UK, as part of its second investment in stand-alone battery storage systems (post-period close).
Chairman of Foresight Solar Fund Limited, Alex Ohlsson, said “Financially and operationally, Foresight Solar performed strongly during the first half of 2022.”
“We remain firmly on track to deliver our 2022 target dividend of 7.12 pence per share and, based on the strength of the operational performance and the certainty provided by further price fixes this year, are expecting dividend cover for 2022 of at least 1.5 times.”
“Projected cover is expected to remain strong for the next three years; based on current forecasts and prevailing market conditions, the dividend for 2023 is expected to be fully covered by contracted revenues alone.”