Foresight Solar fund manager reveals plans for Spanish asset sale proceeds
November 27, 2023 at 01:24 pm EST
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Foresight Solar Fund Ltd (LSE:FSFL) fund manager Ross Driver speaks to Thomas Warner from Proactive London after announcing the sale of a 50% stake in the fund's Lorca portfolio in Spain, in a deal worth €26.9 million.
Driver explains that Foresight Solar Fund is an international investor in large-scale solar projects and battery storage, currently managing over 61 projects spanning the UK, Spain, and Australia. He says the sale is part of a broader capital recycling program and is part of FSFL's response to changing market dynamics, showcasing its ability to self-fund and recycle capital during essentially closed equity markets.
The divestment in Spain, offering a high-quality portfolio, comes with plans to reinvest in new projects from FSFL's half-a-gigawatt pipeline. Driver emphasises the fund's proactive approach, balancing debt reduction, and shareholder value with a doubled share buyback program, and strategic expansion into solar and battery projects in Spain and other European markets.
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Foresight Solar Fund Limited is a Jersey-based closed-ended investment company with a diversified portfolio of solar photovoltaics (PV) and battery storage assets. The Companyâs investment objective is to provide investors with a sustainable and progressive quarterly dividend underpinned by investments in a geographically diverse portfolio of assets. It aims to deliver sustainable investment returns to investors alongside environmental, social and governance (ESG) benefits. The Company acquires ground-based, operational solar power plants. It is also permitted to invest in utility-scale battery storage systems up to a limit of 10% of the GAV of the Company, calculated at the time of investment. Its diversified portfolio consists of 61 assets with a total global peak capacity of 1.1 gigawatt (GW). Its assets include Highfields, Castle Eaton, High Penn, Hunters Race, Spriggs Farm, Kencot Hill, Copley, Paddock Wood, Southam, Port Farm, Sandridge, Wally Corner, Park Farm and others.
FORESIGHT SOLAR FUND LIMITED 
