Foresight Solar’s net asset value dips in ‘uniquely challenging’ 2020

One of Foresight Solar’s assets in Spain. Image: Foresight Solar.

Green investment group Foresight Solar’s net asset value took a hit last year, driven by declining power price forecasts in some of its key markets.

Foresight Solar’s net asset value (NAV) reached £582.2 million (US$808.53 million) in the 12 months to 31 December 2020, down from £628 million in 2019. The company said in its annual results announcement that this was largely driven by a fall in long-term UK and Australian power price forecasts  Share value also fell and stood at around £0.96 at the end of 2020, down £0.08 on the previous year’s NAV per share.

Despite power price declines, the company reported “strong operational performance” that was 8.4% above base expectations in its UK portfolio, helped by asset availability and high irradiation. Foresight Group, Foresight Solar’s parent company, recently announced the formation of a joint venture to develop five solar PV plants in England and Wales, with a total generating capacity of close to 700MW.

Foresight Solar currently has 58 solar assets in its portfolio located in the UK, Australia and Spain, with a combined capacity of 994MW, and generated 969,564MWh of electricity last year, it said in a statement. The company made its first foray into the subsidy-free solar market last year when it acquired a 26.1MW project in Spain last September. It then bought another three assets in Andalucia at the start of 2021, with a capacity totalling 98.5MW. Chairman Alex Ohlsson said the array “should deliver stable cash flows at attractive risk-adjusted returns”, and marks an “important step” towards its planned global expansion.

Ohlson said the company will “continue to monitor and evaluate targeted growth opportunities,” and this year it would focus on delivering various optimisation initiatives and a “strong operational performance”.

“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,” he said.

Read Next

September 20, 2022
Spanish solar developer Solarpack has reached an agreement to acquire 100% of the shares of developer Solaer.
August 16, 2022
Australia’s Northern Territory has struck a deal with French energy major Total Eren to develop a 1GW green hydrogen project in the city of Darwin that will be powered by 2GW of solar PV.
August 11, 2022
Finlay Colville, Solar Media's head of market research, lays out the UK's path to achieving 40GW+ of solar PV by 2030 after rebounding from recent headwinds in its solar sector
August 5, 2022
Germany solar developer Wirsol Energy has received development approval for its Maryvale solar and energy storage project in New South Wales (NSW) by the NSW Department of Planning, Industry and Environment.
August 3, 2022
Last week, the Australian federal government proposed legislation that will lock-in Australia’s commitment to achieve net zero by 2050 as well as providing greater oversight and accountability over progress on climate change in a sharp departure from the previous administration.
July 7, 2022
More than 2GW of solar has won contracts in the UK’s latest renewables auction clearing at a strike price of £53.40/MWh (US$64.19/MWh).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)