Foresight Solar Fund (FSFL)

[idpickering]

Foresight Solar announces that it will publish its Annual Results for the year ended 31 December 2022 on Wednesday, 15 March 2023.

A meeting for analysts will be held at 09:30 on the day at the Company's London offices at The Shard, 32 London Bridge Street, London, SE1 9SG.

For those unable to join in person, an audio webcast will be available.

To register your interest in attending the presentation, please contact Citigate Dewe Rogerson at foresightsolar@citigatedewerogerson.com.

https://www.investegate.co.uk/foresight ... 00070613Q/

Ian (A more recent addition to my portfolio).

[idpickering]

Annual results to 31 December 2022.

Foresight Solar Fund Limited, a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets in the UK and internationally, is pleased to announce its results for the year ended 31 December 2022.

Highlights

NAV increased to £771.5 million (31 December 2021: £660.0 million), driven by elevated power prices, above-budget inflation and the Spanish assets beginning operation; NAV per share rose 16.9% to 126.5 pence (31 December 2021: 108.2 pence)

● Electricity generated by the global portfolio was 2.3% above base case, driven by strong operational performance and high irradiation in the UK. UK production was 8.6% ahead, whilst Australia was 12.5% below forecast

● Consolidated revenues and EBITDA were 26% and 37% ahead of budget

● The Company's 125MW Spanish solar portfolio began operations and, at 11% of total capacity, is expected to make a significant contribution to revenues in 2023

● The Company continued to deliver on its battery storage mandate with the acquisition of 50% equity holdings in the 50MW Clayfords and the 50MW Lunanhead projects

● After the year end, Foresight Solar entered separate exclusive negotiations to acquire the full rights to a further 50MW BSS project, and to purchase a development-stage portfolio with total capacity of over 400MWp in Spain

● Total dividend of 7.12 pence per share for 2022, in line with the Company's target; dividend cover for 2022 was 1.74x, underwritten by attractive price hedges and higher merchant power prices

● Target dividend of 7.55 pence per share for 2023, an increase of 6% year-on-year; the Company is confident of achieving dividend cover of 1.5x based on cash generated in the period alone, with a similar level of cover expected for 2024 and 2025, assuming current revenue forecasts

On 15 March 2023, the Company announced its final interim dividend of 1.78 pence per share for the 2022 financial year. The timetable for this payment is set out below:

Rx Dividend 20 Apr 23 paid 26 May 23.

https://www.investegate.co.uk/foresight ... 00099905S/

Ian (I hold).

[idpickering]

FSFL secures the rights to a 467MWp development-stage solar pipeline in Spain.

Foresight Solar Fund Limited, a fund investing in a diversified portfolio of ground-based solar and battery storage assets in the UK and internationally, is pleased to announce it has secured a pipeline of development-stage solar farms with a total potential capacity of 467MWp. The entire project rights have been secured from Grupo Cuerva, a renewable energy company and distribution network operator, and another Spanish developer.

This strategic investment - codenamed "Project Lynx" - is located across the south and east of Spain and consists of the rights to six subsidy-free solar development projects. Two of the sites have sought grid connections under the existing application routes and one of those, totalling 57MWp, has already secured grid access with the potential to reach ready-to-build status in 2024. The remaining projects will apply for connections via the upcoming capacity market auctions, which are estimated to take place over the next few years.

Foresight Group's knowledge of the Spanish market and its presence in the country were instrumental in establishing the bilateral discussions that led to this transaction. The Investment Manager's team in Madrid will oversee the projects' evolution alongside the experienced developers responsible for establishing them, who will continue the development under a services agreement.

https://www.investegate.co.uk/foresight ... 00039248T/

Ian (I hold and am likely to top up my holdings).

[idpickering]

Notice of Results.

Foresight Solar announces that it will publish its Interim Results for the six months ended 30 June 2023 on Thursday, 14 September 2023.

A meeting for analysts will be held at 09:30 on the day at Foresight Solar's London offices at The Shard, 32 London Bridge Street, London, SE1 9SG.

For those unable to join in person, an audio webcast will be available.

To register your interest in attending the presentation, please contact Citigate Dewe Rogerson at foresightsolar@citigatedewerogerson.com.

https://www.investegate.co.uk/announcem ... ts/7693243

Ian (I hold).

[idpickering]

Declaration of Dividend.

Foresight Solar is pleased to announce the third interim dividend, for the period 1 July 2023 to 30 September 2023, of [1.880] pence per ordinary share. The shares will go ex-dividend on 25 January 2024 and the payment will be made on 23 February 2024 to shareholders on the register as at the close of business on 26 January 2024.

https://www.investegate.co.uk/announcem ... nd/7901193

Ian (I hold).

[idpickering]

Annual Results to 31 December 2023

Highlights

· Net Asset Value (NAV) of £697.9 million (31 December 2022: £771.5 million). The uplift from the sale of the Lorca portfolio stake at a 21% premium to holding value, alongside an active power price hedging strategy, mitigated the negative impacts from higher discount rates and softening power price forecasts.

· Record electricity generation with 1,094GWh exported to the grid, enough to power over 400,000 UK households for a year - avoiding 390,000 tonnes of carbon dioxide emissions.

· Record cash distribution from the underlying assets of £120 million, the highest in Foresight Solar's 10-year history.

· FSFL delivered on the first phase of its divestment programme with the sale of a 50% stake in the Lorca portfolio. The proceeds from this transaction, alongside free cash, were used to pay down £40 million of variable rate debt on the RCF, bringing the drawn balance down to £75 million.

· Foresight Solar grew its proprietary pipeline with the acquisition of the rights to a 467MWp portfolio of development-stage solar projects in Spain. The move exemplifies the Company's capital allocation strategy, focused on new investments with limited upfront capital requirements to drive long-term growth and total shareholder returns.

· Foresight Solar returned £20 million to shareholders via share buybacks, deploying half of the £40 million allocation in the year and delivering 1.1 pence per share of NAV accretion.

· Total dividend of 7.55 pence per share declared for the full year, in line with the Company's target. Dividend cover for 2023 was 1.61x.

· Target dividend of 8.00 pence per share for 2024, an increase of 6% compared to the previous year. The 2024 target is expected to be 1.50x covered from cash generated in the period, with around 1.35x cover for 2025 - assuming current revenue forecasts.

· The sale of several large ROC-backed solar portfolios in the UK offers reliable market benchmarks for the Company's assets. The price at which the latest deal closed indicates a value per megawatt approximately 15% above Foresight Solar's £1.17m/MW valuation of its UK portfolio.

And later;

Dividend Declaration

Foresight Solar confirmed total dividends of 7.55 pence per ordinary share for 2023, in line with its target.

The Board is pleased to announce the final interim dividend relating to 2023 of 1.895 pence per ordinary share. The shares will go ex-dividend on 25 April 2024 and the dividend will be paid on 24 May 2024 to shareholders on the register as at the close of business on 26 April 2024.

https://www.investegate.co.uk/announcem ... 23/8082245

Ian (I hold).