Foresight Solar Fund has reported an unaudited net asset value (NAV) result of £714m as at 31 March compared with £660m as at 31 December 2021.
NAV per ordinary share as at 31 March 2022 is 117.1 pence, compared with 108.2 pence as at 31 December 2021.
The most significant impact on NAV was from the upward revision in the short- and medium-term power price forecasts, following independent forecasts from three independent consultants resulting in a 5.8 pence per share uplift.
The company manages its exposure to power prices by ensuring an appropriate percentage of revenues are hedged at optimal prices.
This supports the objective of increasing the predictability of cash flows and securing strong dividend cover.
New fixed price power purchase agreements, entered for future periods between 2022 and 2025, were secured at prices above forecast adding a further 0.8 pence per share.
In addition the refinancing of the Oakey 1 and Longreach projects in Australia on more favourable terms provided an uplift of 0.2 pence per share.