Foresight Solar Fund said electricity generation across its global portfolio came in 4% above budget during the first half of 2025, supported by stronger-than-expected solar irradiation and strong performance from its UK assets.
Total generation reached 578 gigawatt-hours (GWh) in the six months to 30 June, driven by irradiation levels that were 8.5% above forecast. The UK led the performance with 394GWh, 8.9% above budget, benefiting from irradiation that was 16.7% higher than anticipated. Adjusted for distribution network operator outages, UK generation would have been 13% above base case, the company said.
“Electricity generation exceeded forecasts by 4.0%, supported by irradiation 8.5% higher than expected – the second-best start to the year since FSFL listed in 2013. UK assets led the way, with production 8.9% above budget,” said Chair Tony Roper in a statement.
Spain underperformed, generating 60GWh, or 14% below budget, while Australia was broadly in line with expectations at 124GWh.
Foresight reported a net asset value (NAV) of £603.8 million as of 30 June, down from £634.4 million at the end of 2024. NAV per ordinary share declined to 108.5p from 112.3p, which the company attributed primarily to lower power price forecasts.
Despite the valuation impact, the board reaffirmed confidence in its financial outlook, citing strong operational performance and a proactive hedging strategy. The company said it remains on track to meet its full-year dividend cover target of 1.3 times.
Foresight also expanded its share buyback programme to £60 million, returning £29 million to shareholders during the first half through dividends and repurchases.
Looking ahead, the company reiterated its intention to sell its Australian portfolio and pursue a targeted divestment of 75MW of operational solar capacity to release capital.
