(Alliance News) - Foresight Solar Fund Ltd on Tuesday said it intends to focus on delivering its optimisation initiatives going forward as net assets slip in 2020.
The company which invests in ground-based solar PV assets reported net asset value per share as at the end of 2020 of 95.8 pence, up from 103.8p a year earlier.
The FTSE 250-listed company said its gross asset value stood at GBP1.05 billion at the end of the year versus GBP1.07 billion at the end of 2019, due predominantly to a downwards revision in long-term UK and Australian power price forecasts.
Foresight Solar Fund declared a dividend of 6.91 pence per share for the year, with an increased 2021 target dividend of 6.98p per share.
"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," noted Chair Alex Ohlsson.
The fund said its global portfolio generated 969,564 megawatt hours of clean electricity, enough to power 334,000 homes, and helped to avoid 749,000 tonnes of carbon emissions.
The company said its portfolio now comprises 58 assets with a total generating capacity of 994 megawatts across the UK, Australia and Spain.
The stock was trading 0.5% higher in London on Tuesday at 100.49p a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Foresight Solar Fund (FSFL)