Foresight Solar recorded a net asset value (NAV) of £582m in its 2020 financial results, down on £628m for the previous year.
NAV decrease was driven predominantly by a downwards revision in long-term UK and Australian power price forecasts, the investor said.
Foresight Solar’s global portfolio generated 969,564 megawatt hours of clean electricity during 2020.
It also reported “strong operational performance” of the UK portfolio, 8.4% above budget, as a result of high irradiation and asset availability.
Highlights of the year included the acquisition of four subsidy-free assets in Spain with a generating capacity of 125MW, the company’s first investment into unsubsidised solar.
Foresight Solar’s portfolio now comprises 58 assets with a total generating capacity of 994MW across the UK, Australia and Spain.
Shareholders recently approved a change to the company’s investment policy to allow an allocation of up to 10% of gross asset value to batteries, seen as a “complementary investment opportunity”.
Foresight chairman Alex Ohlsson said: “In a uniquely challenging environment, 2020 saw the company deliver a strong operational performance in the UK, make good progress on its Australian solar portfolio, reach a significant milestone with its first investments in continental Europe and in unsubsidised solar and again, meet its dividend target for the year.”