(Alliance News) - Foresight Solar Fund Ltd on Monday reported a net asset value rise and lifted its full-year dividend.
Net asset value at December 31 was 2.9% higher year-on-year at GBP628.0 million from GBP610.3 million. Per share, it was down 6.7% at 103.8 pence from 111.2p.
"The primary detractor to the company's financial performance in the period was the weakening of both short and long-term UK wholesale power price forecasts, resulting in an impact to NAV of 10.9 pence per share," the solar project investor explained.
The company also had 605.2 shares in issue at the year end, compared to 548.9 at the end of 2018.
Shares in the company were 4.1% lower at 112.20 pence each in London on Monday morning.
The company upped its total dividend by 2.7% to 6.76p each from 6.58p.
"2019 was a successful year of portfolio consolidation, capital structure optimisation and asset performance for the company," Chair Alex Ohlsson said.
Foresight added: "The decrease in regulatory support mechanisms in European markets, associated with the ongoing consolidation in established markets, has limited the pipeline of available investment opportunities. Subsequently, European secondary markets remain expensive and are expected to continue to be so in the near future. The investment manager, through its network of contacts, will continue to identify new opportunities within the company's investment policy however the expectation is for acquisition activity in the secondary market for operational subsidised assets to remain opportunistic."
By Eric Cunha; ericcunha@alliancenews.com
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Foresight Solar Fund (FSFL)