Foresight Solar Fund Limited Q1 2020 Net Asset Value and Operational Update (7279L)
04 Mayo 2020 - 1:00AM
UK Regulatory
TIDMFSFL
RNS Number : 7279L
Foresight Solar Fund Limited
04 May 2020
Foresight Solar Fund Limited ("Foresight Solar" or "the
Company")
Q1 2020 Net Asset Value ("NAV") and Operational Update
Foresight Solar Fund Limited, a fund investing in a diversified
portfolio of ground-based solar PV assets in the UK and
internationally, announces that as at 31 March 2020 its unaudited
Net Asset Value was GBP597.2 million (31 December 2019: GBP628.0
million), resulting in a NAV per Ordinary Share of 98.6 pence (31
December 2019: 103.8 pence per share).
The decrease in NAV over the first quarter is largely
attributable to a downward revision in power price forecasts as a
result of the economic impact of the Covid-19 pandemic. Power
prices are currently forecast to be negatively impacted for the
remainder of 2020 and in the medium term as a result of a reduction
in demand for electricity and a decrease in energy-related
commodity prices. The downward shift in power price curves, based
upon independent forecasts available as at 31 March 2020, resulted
in a negative impact on NAV of approximately 4.6 pence per
share.
Among other valuation movements during the period the Company
would also like to highlight the recognition of the reversal of the
proposed decrease in the rate of Corporation Tax, resulting in a
negative impact to NAV of 0.5 pence per share.
The Gross Asset Value ("GAV"), including Company and
subsidiaries, as at 31 March 2020, was GBP1,026.2 million (31
December 2019: GBP1,071.5 million).
The Company's next scheduled formal valuation will be undertaken
for the 30 June 2020 interim results which are expected to be
published in August. This valuation will take into account the
latest available power price forecast assumptions, as well as the
operational performance of the Company and other variables applied
in valuing the portfolio.
Operational Update
The Company's 723 MW UK portfolio has continued to deliver
strong operational performance during the first quarter of 2020.
Electricity generation from the UK portfolio was 9% above budget,
driven by strong irradiation in March and high asset availability
during the period.
Positive progress continues to be made across the Company's 146
MW Australian portfolio. A temporary export restriction at the site
at Bannerton was removed on 23 April 2020 and it is again exporting
at full capacity.
The health and safety of all Company stakeholders and their
staff remains of primary importance and the Board of Foresight
Solar continues to work closely with its Investment Manager,
Foresight Group and all key service providers, to monitor the
impact of Covid-19 on the Company portfolio. As previously
announced on 27 March 2020, there is currently no evidence to
suggest that Covid-19 will materially affect the Company's
operational performance.
Dividend
The Company maintains high cashflow predictability with 67% of
expected revenues fixed in 2020 which supports its FY 2020 dividend
target. As a result, the Board of Foresight Solar re-affirms the
Company's FY 2020 dividend target of 6.91 pence per share.
For further information, please contact:
Foresight Group
Jonathon McManus +44 (0)20 3667 8147
(InstitutionalIR@ForesightGroup.eu)
Jefferie s International Limited +44(0)20 7029 8000
Neil Winward
Gaudi Le Roux
Citigate Dewe Rogerson +44 (0)20 7638 9571
Nick Hayns
Louise Mason-Rutherford
Elizabeth Kittle
Lucy Eyles
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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