AUS
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UK
CA
USA
IND
Highlights
- FSFL’s buyback programme increased to GBP 60 million, with GBP 29 million distributed in H1 2025.
- Board committed to Australian asset sale and 75MW divestment to unlock cash.
- Progress in Spain with BESS grid capacity allocation and Muel solar project nearing build-ready status.
Foresight Solar Fund (LSE:FSFL) is a sustainability-focused investment fund with a diversified portfolio of solar and battery storage assets across the UK and international markets. The company’s strategy centers on generating stable, long-term returns through renewable energy investments.
Financial Performance
As of 30 June 2025, Foresight Solar reported a Net Asset Value of GBP 603.8 million, compared with GBP 634.4 million on 31 December 2024. NAV per Ordinary Share was 108.5 pence, down from 112.3 pence, mainly due to lower power price forecasts. Gross Asset Value stood at GBP 1.0 billion, while UK portfolio valuation was GBP 1.09 million per MW.
Cash flow from operations reached GBP 14.8 million in H1 2025, up from GBP 9.6 million in the same period of 2024. Operating profit (EBITDA) was GBP 66.5 million compared with GBP 60.6 million a year earlier. Net debt to EBITDA remained stable at 3.1x, while enterprise value to EBITDA was 7.5x.
A dividend of 4.05 pence per share was declared, slightly higher than the 4.00 pence per share in H1 2024.
Operational Performance
The company reported global electricity generation of 578 GWh, which was 4.0% above budget and supported by irradiation 8.5% higher than expected. This marked the second-best start to the year since FSFL’s listing in 2013.
- UK assets generated 394 GWh, 8.9% above budget, and would have been 13.0% above base case excluding distribution network outages.
- In Spain, generation was 60 GWh, 14.0% below budget due to irradiation variance.
- In Australia, production totalled 124 GWh, meeting budget expectations despite a 4.6% shortfall in irradiation.
Capital Allocation and Buybacks
During the first half of 2025, the company increased its buyback programme to GBP 60 million. A total of GBP 29 million was distributed to shareholders through dividends and buybacks.
Despite challenges in Australia, the Board remains committed to selling the Australian portfolio and targeting the divestment of 75MW of operational solar capacity.
Development Pipeline Progress
Foresight Solar reported progress in its proprietary development pipeline. Grid capacity has been allocated for its battery energy storage system (BESS) projects in Spain. Additionally, the Muel solar project is approaching ready-to-build status.
Management Commentary
Chair Tony Roper highlighted the strong start to the year, noting electricity generation exceeded forecasts by 4.0%, with UK assets leading performance. He emphasized the Board’s continued focus on shareholder engagement, improving transparency, and maintaining structure fit for purpose. Roper added that the company remains confident in its ability to deliver returns amid market volatility and rising bond yields.
