Foresight Solar increases NAV in Q1 outlines investment opportunities

April 27 – Foresight Solar Fund Ltd (LON:FSFL) on Monday outlined opportunities for investment as it reported an increase in net asset value (NAV) to GBP 244.7 million (USD 370.6m/EUR 341.7m) from GBP 209.8 million over the first quarter of 2015.

The fund which invests in UK solar power plants said again that it was considering several large project acquisitions that are part of a “significant pipeline of assets under exclusivity.” It also said that the rush to install capacity ahead of the Renewables Obligation Certificates (ROCs) deadline for 5-MW-plus solar projects had created an active market in large-scale secondary assets and that it was reviewing a number of secondary opportunities. The company added that, in the short term, portfolios of projects under 5 MW to be installed under the 1.3 ROC regime were expected to present attractive investment opportunities.

All 10 assets in the fund’s 233-MW portfolio are fully operational and got ROC accreditation ahead of the March 31 deadline for projects of above 5 MW, according to the interim update.

NAV per share was GBP 1.011 at the end of March, compared to GBP 1.009 at the end of December.

The fund aims to pay an index-linked dividend and its target for 2015 is to make a distribution of GBP 0.0608. It is to pay GBP 0.0152 for the first quarter on June 30.  

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