FSFL chasing the Sun to the Southern Hemisphere – Solar power plant operator Foresight Solar (FSFL) has released its full year’s results to 31st December 2017.
The company’s foray into the Australian market, where there are four plants under construction represents their first international acquisitions. Further developments outside the UK are expected.
In the report, the company reported the following highlights for the year, many of which we have covered here on QuotedData over the past 12 months:
- During the year the company acquired 273MW of additional solar assets including 127MW in the UK and 146MW of Australian solar assets across four projects
- At 31 December 2017, the Company’s portfolio comprised 23 assets with a net peak capacity of 621MW. The UK portfolio represented 475MW of total installed capacity across 19 operating assets, with the Australian portfolio representing 146MW of net peak capacity under construction
- During 2017, the portfolio generated 426 GWh of clean energy, sufficient to power nearly 140,000 UK homes
- The Company delivered its target dividend of 6.32 pence per share for the year ended 31 December 2017 (2016: 6.17 pence). The company seeks to increase the dividend in line with the UK average rate of inflation and in the statement expects to do this again in 2018
- The Net Asset Value (“NAV”) increased to £481.3 million over the period, increasing the NAV per Ordinary Share to 107.0 pence, from 102.9 pence as at 31 December 2016
- During 2017, the equity discount rate decreased by 0.5% to 7.0% to better reflect market conditions and reducing operational risk.
- During the year the Company announced two Ordinary Share issuances, raising £117.5 million of new equity capital
About Foresight Solar
FSFL is a closed-end investment company listed on the London Stock Exchange (ticker: FSFL:LN). It seeks to provide investors with a sustainable and inflation linked increasing dividend together with potential growth over the long-term by acquiring a portfolio of large operational ground based, solar power plants in the UK. Fund highlights as at 30 September 2017 include:
- 475MW operational portfolio
- Market capitalisation: £455.2m
- Gross Asset Value: £638.1m
- Target IRR of 7-8%
FSFL : FSFL chasing the Sun to the Southern Hemisphere