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27 Mar 2020 07:00
Foresight Solar Fund Limited27 March 2020
Foresight Solar Fund Limited
("Foresight Solar" or the "Company")
COVID-19 Update
Foresight Solar, a fund investing in a diversified portfolio of ground-based solar PV assets in the UK and internationally, today issues an update on its response to the COVID-19 outbreak.
The Company reported record asset availability and an above-budget performance from its UK portfolio in the year ended 31 December 2019, and year to date in FY20 there has been no operational disruption linked to COVID-19. The Board of Foresight Solar is however working closely with its Investment Manager, Foresight Group ("Foresight"), and all key service providers to monitor the emerging threat of COVID-19 to the global economy and potential impact on the Company portfolio. During this developing and unprecedented crisis, the health and safety of all company stakeholders and their staff is of primary importance.
The Company recently conducted a full review of all key service providers and can confirm that it has confidence in the resilience of the business continuity plans that its providers have in place. More specifically, Foresight has been working closely with its key operational counterparties to ensure that adequate business continuity plans are in place and that operational risks are minimised.
Foresight anticipates that there may be a further short-term reduction in power prices due to an anticipated drop in demand, however power prices are forecast to improve over the medium term.
There is currently no evidence to suggest that Covid-19 will materially affect the Company's operational or financial performance. As such, the Company is not currently budgeting any material impact on its cash flows and, for clarity, it re-affirms its FY 2020 dividend target of 6.91 pence per share.
For further information, please contact:
Foresight Group
Jonathon McManus +44 (0)20 3667 8147
(JMcManus@ForesightGroup.eu)
(InstitutionalIR@ForesightGroup.eu)
Citigate Dewe Rogerson +44 (0)20 7638 9571
Nick Hayns
Louise Mason-Rutherford
Elizabeth Kittle
Lucy Eyles
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