British solar and storage-focused investment fund Foresight Solar Fund Ltd has announced its plans to divest its entire solar park portfolio and development-stage battery energy storage projects in Australia. This strategic decision aligns with the fund's intent to shift focus back to its home market and Europe.
In its latest financial report, the London-based company stated that it currently owns 170 MW of operational photovoltaic (PV) parks in Australia, along with a 122-MWp portfolio of energy storage schemes that are in advanced development stages. The planned divestment follows the partial sale of a 99-MW solar portfolio in Spain last November.
The sale is expected to provide Foresight Solar with essential funds to strengthen its capital base and repay existing debt, with the transaction anticipated to conclude in the first half of 2025.
“The sale of our Australian portfolio will be a key milestone and, once complete, will re-focus our efforts on the UK and Europe, where we have an exciting pipeline of opportunities fitting with our capital allocation priorities,” stated Alexander Ohlsson, chair of Foresight Solar. He also noted the company's resilient performance in the first six months of 2024, despite challenges posed by unfavorable weather conditions and declining power prices, reaffirming its dividend target for the year.
As of the end of the first half of 2024, Foresight Solar reported a net asset value (NAV) per ordinary share of GBP 1.149, a decrease from GBP 1.184 a year earlier.
