Foresight Solar Fund has reported a net asset value (NAV) of £755m in its results for the first half of 2022, ending 30 June, compared with £660m for the second half of 2021, ending 31 December.
NAV was driven by further upward revisions in power price forecasts and updates to short-term inflation assumptions, said Foresight Solar Fund.
NAV per share rose 14.4% to 123.8 pence in the first half of 2022, compared with 108.2 pence in the second half of 2021.
Electricity generated by the global portfolio was 2.8% above base case for the first half of this year, resulting from high irradiation for the UK portfolio and good operational performance.
Consolidated revenues and EBITDA were 18% and 26% ahead of budget for the period, respectively, driven by strong power prices.
Foresight Solar Fund’s Spanish portfolio has begun to move into operations with the 99MW Lorca Portfolio successfully energising in the period and subsequently reaching full operation.
The company also made a second investment into standalone battery storage systems, with the 50% acquisition of the 50MW Clayfords project in Aberdeenshire, UK (post-period close).
Alex Ohlsson, Chairman of Foresight Solar Fund Limited, said: “Financially and operationally, Foresight Solar performed strongly during the first half of 2022.
“We remain firmly on track to deliver our 2022 target dividend of 7.12 pence per share and, based on the strength of the operational performance and the certainty provided by further price fixes this year, are expecting dividend cover for 2022 of at least 1.5 times.
“Projected cover is expected to remain strong for the next three years; based on current forecasts and prevailing market conditions, the dividend for 2023 is expected to be fully covered by contracted revenues alone.”