Foresight Solar’s net asset value drops in 2020 “only difficult”

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One of the assets of Foresight Solar in Spain. Image: Solar Foresight.

The net asset value of green investment group Foresight Solar was hit last year, due to lower electricity 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 leading up to December 31, 2020, up from £ 628 million in 2019 The company said in its annual results announcement that this was largely due to a drop in long-term forecasts for electricity prices in the UK and Australia The share’s value has also fallen and s’ is set at around £ 0.96 at the end of 2020, down £ 0.08 from the previous year’s net asset value per share.

Despite the decline in electricity prices, the company reported an “excellent operational performance” which was 8.4% above baseline expectations in its UK portfolio, thanks to the availability of active and high irradiation. Foresight Group, the parent company of Foresight Solar, recently announced the formation of a joint venture to develop five solar PV plants in England and Wales, with a total generation capacity of nearly 700 MW.

Foresight Solar currently has 58 solar assets in its portfolio located in the UK, Australia and Spain, with a combined capacity of 994 MW, and generated 969,564 MWh of electricity last year, he said. in a press release. The company made its first foray into the subsidy-free solar market last year when it acquired a 26.1 MW project in Spain last September. He then bought three other assets in Andalusia in early 2021, with a total capacity of 98.5 MW. Chairman Alex Ohlsson said the line “is expected to provide stable cash flow at attractive risk-adjusted returns”, and marks a “significant step” towards its planned global expansion.

Ohlson said the company “will continue to monitor and assess targeted growth opportunities,” and this year it will focus on implementing various optimization initiatives and “strong operational performance.”

“In a particularly challenging environment, 2020 saw the company achieve a strong operational performance in the UK, make good progress on its Australian solar portfolio, take an important step with its first investments in Continental Europe and in unsubsidized solar and again, achieve its target dividend for the year, ”he said.


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