Foresight Solar Fund has reported a record year for electricity production and cash distribution in its annual results for 2023.
Power generation reached 1094 gigawatt hours exported to the grid.
On 31 December 2023, Foresight Solar’s portfolio comprised 61 assets with a total net peak capacity of 1044MW, of which 25MW remains under construction and 50MW in pre-construction.
During 2023 the company said it delivered a resilient performance, reporting a net asset value (NAV) of £698m, compared with £771.5m for 2022.
NAV uplift from the sale of the Lorca portfolio and an active power price hedging strategy mitigated some of the negative impacts from softening power price forecasts and actual inflation stated Foresight Solar Fund.
Foresight Solar chairman Alexander Ohlsson said: “Foresight Solar delivered resilient performance with record electricity production and cash distribution against a challenging market backdrop.
“In the year Foresight Solar celebrated its 10th anniversary, we successfully completed the company’s first divestment.
“The partial sale of the Spanish Lorca portfolio at a 21% premium to holding value validates our valuation methodology and supports our investment model.
“Bringing projects through development to construction and then into operation offers optionality and allows the company to capture financial upside, a strategy we intend to replicate through our development pipeline.
“The Lorca transaction was also a key driver of NAV uplift, and the Investment Manager continues to make progress on the next phases of the divestment programme.
“We look forward to providing more details to shareholders in due course.”