Foresight Solar has reported stronger-than-expected generation across its portfolio, with output 4% above budget in the first six months of 2025.
The UK led the way, delivering 394GWh, 8.9% above budget, supported by irradiation 16.7% higher than expected.
Excluding outages by distribution network operators, generation in the country would have been 13% above base case.
Globally, production totalled 578GWh, backed by irradiation 8.5% above expectations. Spain lagged at 60GWh, 14% below budget, while Australia met its base case at 124GWh.
Chair Tony Roper said: “Electricity generation exceeded forecasts by 4.0%, supported by irradiation 8.5% higher than expected – the second-best start to the year since FSFL listed in 2013. UK assets led the way, with production 8.9% above budget.”
The company reported a net asset value of £603.8m and NAV per ordinary share of 108.5p at 30 June, down from £634.4m and 112.3p at year-end 2024, mainly due to lower power price forecasts.
An active power price hedging strategy combined with operational strength gives the board confidence in achieving its 1.3x dividend cover target for the year.
Foresight increased its buyback programme to £60m, distributing £29m to shareholders in the first half through dividends and buybacks.
The company remains committed to the sale of its Australian portfolio and a targeted divestment of 75MW of operational solar capacity to unlock cash, it added.