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Foresight Solar Fund NAV up

By BFN News | 08:26 AM | Wednesday 16 August, 2017

Foresight Solar Fund Limited's net asset value increased to £432.8 million in the six months to the end of June taking the NAV per ordinary share to 104.6 pence, an increase of 1.7% since 31 December. The company said the NAV had decreased slightly by 0.7% since the last reported NAV as at 31 March 2017 (105.3 pence), primarily due to a reduction in short to medium term power price forecasts. The discount rate had decreased by 0.25% to 7.25% to better reflect market conditions and operational risk. Chairman Alex Ohlsson said: "During the first half of 2017, the Company made two significant purchases; the first being the 72MW acquisition of Shotwick and second the 50MW acquisition of Sandridge, resulting in a total installed capacity of 470MW. "As the solar industry becomes increasingly competitive, acquiring assets at attractive prices is becoming more challenging. "However, Foresight Solar Fund Limited continues to make asset purchases at attractive valuations and sees significant opportunities in the UK secondary solar market as well as other developed overseas countries with stable currencies. "The company continues to be supported by existing and new shareholders, as evidenced by the oversubscribed share placing earlier this year. "This signals investor support for the stable income flows generated by the portfolio. "The majority of the capital raised was used to repay the short term credit facilities and the remainder will be used to support growth. "The Company will continue capital raising while there is investor demand for infrastructure assets. "The Company has achieved all target dividends to date and is on track to deliver a 6.32 pence dividend for the year ended 31 December 2017." At 8:26am: (LON:FSFL) Foresight Solar Fund Ltd share price was -0.25p at 110.88p Story provided by

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