A recovery in power prices have resulted in an increase in net asset value (NAV) in Foresight Solar’s interim results for the first six months of this year, ending 30 June.
The renewables investor reported a NAV of £596.4m on 30 June, compared to £582.2m on 31 December 2020 and a 2.3% increase in NAV per share to 98.0p on 30 June, compared to 95.8p on 31 December 2020.
The results were due to strong recovery in power price forecasts in the short and medium term.
The company said solid operational performance of the UK portfolio resulted in generation 3.4% above base case, driven by high asset availability and higher than expected irradiation levels.
Portfolio generation decreases to 2.3% below base case when the international portfolio is included, due to the Australian assets.
Whilst operational problems were resolved during the period, irradiation was low and network issues will persist into the second half of 2021, stated Foresight.
A first investment in battery storage systems in the UK, further increased the diversification of the company’s portfolio.