FSFL

Edison issues flash on Foresight Solar Fund (FSFL): Optimising capital allocation

Retrieved on: 
Wednesday, April 10, 2024
FSFL, Share repurchase, London Stock Exchange, Renewables Obligation (United Kingdom), NAV, Sale, Foresight Solar Fund, IPO

Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December).

Key Points: 
  • Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December).
  • There is significant headroom in the dividend cover to operate further out, even in a falling power price environment.
  • The latest sale of a UK solar asset indicates a value per megawatt roughly 15% above the valuation FSFL uses on its UK portfolio of £1.17m/MWh.
  • This comes alongside the sale of two other UK solar portfolios in 2023, both at greater valuations than FSFL’s valuation per megawatt hour.

Edison issues flash on Foresight Solar Fund (FSFL): Q3 NAV and first sale of divestment programme

Retrieved on: 
Sunday, December 10, 2023
FSFL, RCF, Q3, Foresight Solar Fund, Sale

Foresight Solar Fund (FSFL) achieved record cash generation of £87.8m from its underlying assets to 30 September 2023, driven by favourable fixed prices, despite production being below budget.

Key Points: 
  • Foresight Solar Fund (FSFL) achieved record cash generation of £87.8m from its underlying assets to 30 September 2023, driven by favourable fixed prices, despite production being below budget.
  • As a result, FSFL paid down £10m of its revolving credit facility (RCF) during the period.
  • After the Q3 period, FSFL sold 50% of its 99MW Lorca portfolio in Spain for €26.9m, at a 21% premium to its Q3 holding value.
  • FSFL delivered on the first stages of its divestment programme, selling a 50% stake of its Lorca portfolio.

Edison issues update on Foresight Solar Fund (FSFL): Generating solar power and cash

Retrieved on: 
Tuesday, November 7, 2023
Foresight Solar Fund, NAV, FSFL, IPO, Professional, Security (finance)

These appealing metrics are even more surprising given the fund operates in a structural growth industry.

Key Points: 
  • These appealing metrics are even more surprising given the fund operates in a structural growth industry.
  • As FSFL reaches its 10-year anniversary, the competitiveness and opportunities in solar continue to grow.
  • FSFL’s yield is attractive given management’s confidence of a minimum dividend cover of 1.5x until at least 2025.
  • FSFL continues to forward-fix its price exposure in the short and medium term, through contracted revenues and power purchase agreements (PPAs), providing greater revenue certainty.