Foresight Solar Fund: sunny days, dividend outlook & growth plan
Last updated: 10:55 28 May 2025 BST, First published: 09:55 28 May 2025 BST
Foresight Solar Fund Ltd fund manager Ross Driver talked with Proactive's Stephen Gunnion about the company’s performance so far in 2025, with a strong recovery in UK solar generation driven by record sunshine in March and April. Driver confirmed that electricity generation in the UK was around 9.5% above budget for the year to 30 April, or 12.5% excluding network outages.
He discussed the fund’s proactive power price hedging strategy, explaining that it locks in electricity prices to secure income visibility and strengthen dividend cover. “We’ve been able to strike agreements at levels that we see as accretive to dividend cover,” Driver said, adding that this results in a fixed revenue profile of 90% for 2025.
Turning to growth, Driver outlined a development pipeline of nearly one gigawatt across solar and battery storage, mostly in Spain. The first solar project is expected to reach ready-to-build status later this year, with battery projects also progressing.
On corporate developments, Driver confirmed a formal proposal had been considered but did not progress. The board continues to evaluate strategic options, alongside initiatives such as a £50 million share buyback and reduced management fees, to address the current share price discount to NAV.
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