Foresight Solar Fund - Q3 NAV and first sale of divestment programme
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. The proceeds from this transaction will be used to further reduce the RCF. Global revenues are 85% contracted for 2024, ensuring forecast net dividend cover of 1.5x until at least 2025. FSFL remains on target to pay its full year dividend.Foresight Solar Fund is a closed-ended investment company investing in a portfolio of ground-based solar photovoltaic assets in the U.K. and in Australia. Co. makes its investments through intermediate holding companies and underlying Project Vehicles/Special Purpose Vehicles. Co.'s Investment Manager is Foresight Group CI Limited.
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