Foresight Solar 2018 results published: Things looking up
Foresight Solar has announced its results for the 2018 year, and things are looking up. NAV has increased to £610.3m from £481.3m in the previous year, and NAV per share increased to 111.2p from 107.0p (a 4.9% increase in total return terms). This was essentially due to a reduced discount rate for UK assets, and a raise of UK power price forecasts. The UK-based fund realised a return 4.9% higher than the budget, which came partially on the back of higher levels of sunlight than what was forecasted (+6.4%). Foresight Solar accounted for 5.2% of total UK solar generation in 2018, and added 31 more solar assets to their arsenal. The fund is now the largest UK-listed solar energy investment company in terms of installed capacity. Dividends declared were 6.58p for the year, in line with their target. Acquisitions were financed by two oversubscribed fundraisings, in July and October of last year, totalling to £106m.
Alex Ohlsson, chairman of Foresight Solar had some remarks, “Following on from the significant portfolio growth in 2018, FSFL intends to take a more opportunistic approach towards secondary market acquisitions. We will focus on optimising our recently-acquired assets, improving the capital structure through a third-party debt refinancing and continuing to deliver strong operational performance across the portfolio. We look forward to a further year of progress.” About the company and the growth in general, he said, “In November 2018, the company celebrated its fifth anniversary. Since listing on the London Stock Exchange in October 2013, the UK solar market has evolved rapidly and more recently entered a period of consolidation. During this period the company has met all target dividends, grown NAV per share from 98.0 pence at IPO to 111.2 pence as at 31 December 2018 and delivered an annual total return to shareholders of 6.83%. I would like to thank my fellow directors, the investment manager and the asset management team for their contribution to the growth of the company over the past five years.”
FSFL : Foresight Solar 2018 results published: Things looking up