Foresight Solar Share Discussion Threads

[masurenguy] 18/8/2022 07:17

Interims on September 15.

[jonwig] 01/8/2022 19:08

No, today's RNS explains why.

[podgyted] 01/8/2022 19:03

So are they saying the scrip dividend alternative offer is fixed on the 2019 terms???????????? And share price and NAV back then??

Sorry I only started investing here a few months ago.

[jonwig] 01/8/2022 18:41

Ted - not at all! The scrip reference price is worked out long before the payment. In the meantime, the NAV and share price have risen a lot. Anyone opting for the scrip divi would have a windfall.

So it would be unfair to you, who've opted for cash. The issue is fairness.

[podgyted] 01/8/2022 18:28

Would have said that is obsessive and totally unnecessary.

(I'm receiving cash - so no skin off my nose)

[11_percent] 01/8/2022 13:07

That's a 5.7% rise in NAV.....nice.

[melton john] 01/8/2022 12:10

As the announcement talks of energy storage I assume they mean 50MWh and not 50MW. I.E. will the battery supply 50 megawatts for an hour or 10 mins. Solar might supply KW's as long as the sun shines, batteries have a time limit until flat. I'm sure everyone appreciates the difference, you all pay for KWh consumed not instantaneous KW. I don't like making assumptions. Some scribe needs telling the difference apart from sloppy writing, good news.

[spoole5] 01/8/2022 07:52

What a great inflation hedge these renewables are proving to be.

[masurenguy] 01/8/2022 07:43

Good progress all round !

Foresight Solar Fund Ld, announces that as at 30 June 2022 its unaudited NAV was £754.9m (31 March 2022: £714.4m), resulting in a NAV per Ordinary Share of 123.8p (31 March 2022: 117.1p per share).

The Company is pleased to announce the acquisition of a 50% equity stake in Clayfords Energy Storage Limited ("CESL") from Intelligent Land Investment Group. CESL holds the development rights to construct a 50MW lithium-ion battery energy storage plant based in Buchan, Aberdeenshire, UK. The investment has been made alongside JLEN Environmental Assets Group Limited, which will also acquire a 50% equity stake, and will see the Company invest up to £14.1m. The project is fully consented and construction-ready and is expected to start commercial operations in Q4 2024.

The Company is pleased to announce that good progress has been made towards commencing operations on the Spanish portfolio of assets. The 98.5MW Lorca solar portfolio in Granada ("Project Lorca") energised across all three sites in early July and is scheduled to reach full operations by mid-August. The 26MW Virgen del Carmen solar park in Huelva has now completed all necessary commissioning and is awaiting a final energisation date with the Spanish grid operator.

Trading Update

Electricity generated by the Global portfolio was 2.8% above base case for the six-month period driven by strong operational performance. UK production was well ahead of budget driven by strong irradiation whereas production in Australia was below budget primarily due to lower than forecast irradiation. Strong power prices in all markets, good availability and high irradiation for the UK portfolio resulted in total revenues for Q2 2022 that were 12% ahead of budget (H1 2022: +18%). Consolidated EBITDA was 13% ahead of budget for the quarter (H1 2022: +26%). Based on this strong operational performance and further price fixes the Investment Manager currently forecasts an increased minimum target dividend cover of 1.5x for FY22.

Gearing Update

The Company's total outstanding debt is approximately £540.0m, representing 41.7% of GAV (31 March 2022: 42.6%), well within the 50% limit on total gearing of the Company's GAV. The total outstanding long-term debt of £414.1m represents approximately 32.0% of GAV as at 30 June 2022.

Dividend

The Company remains on target to deliver an annual dividend of 7.12p per share for the y/e 31 December 2022. The 1st interim of 1.78p per share is scheduled to be paid on 26 August 2022.

The Company intends to publish its interim results for the six-month period to 30 June 2022 on 15 September 2022. A further Notice of Results announcement will be released in due course.

[ec2] 18/7/2022 09:11

Think we can assume the recent fire had no impact on generation as there would have been an RNS buy now. Without getting into the economic positives and negatives, there is much talk of late about the proposed 2023 corporation tax hike not going ahead. If this were to be the case, this would be positive for all infra stocks that at the moment have the direct impact of the hike priced into their distributable forward earnings. Something to keep a watch on.

[ec2] 12/7/2022 14:33

Using the 31Dec21 annual report and accounts for my data, Verwood appears to provide around 2% of portfolio generation capacity.

[ec2] 12/7/2022 14:09

I see that a fire has been reported today at a solar farm in Verwood, Dorset. I see FSFL has one here so suspect it is theirs. One of the reasons for diversification between solar companies to minimise the impact of unexpected outages. Hopefully the company will provide an update and that there is minimal damage.