Foresight Group has taken advantage of market conditions in the UK to grow its portfolio and pay attractive dividends to shareholders. Annual financial reports show a portfolio of 16 assets (excluding the recently acquired Shotwick Solar Park) with total capacity of 348 MW.
Overall, Net Asset Value (NAV) increased to GBP 350.8 million, NAV per share grew GBP 1.029 (US$1.286), an increase of 3.9 pence on the previous year. The company raised GBP 60.8 million (US$76 million) in new shares, which were issued in September and October increased total equity capital raised to GBP 345.7 million. (US$432 million).
The newly acquired Shotwick Solar Park in North Wales brings the group’s total capacity to 420 MW. Shotwick will provide electricty directly to nearby Shotton Paper Mill.
“The company has built a strong portfolio of operating solar assets,” says Foresight Solar Fund Chairman Alex Ohlsson. “During 2016, positive progress has been made by focusing on the consolidation and optimization of the assets.”
Low interest rates, rising power prices and the weak pound created attractive conditions for solar investment, which doubled in the second half of 2016. “The company is now well placed to take advantage of the expected recovery in UK wholesale power prices.”
Foresight will look to build on this success in 2017 with more acquisitions planned: “In addition the acquisition of Shotwick in February 2017, and an imminent investment in a 50 MW asset, the Investment Manager continues to review a pipeline of assets available,” continues Ohlsson. “Opportunities to expand the portfolio will be pursued selectively.”