Feb 16 (Renewables Now) - The portfolio of Foresight Solar Fund Ltd (LON:FSFL) generated 319 GWh in 2016, 5.3% less than expected, due largely to a grid outage at the 37-MWp Bournemouth solar farm.
Releasing annual results today, the Jersey-registered investor in UK solar said the lower-than-anticipated generation was a result of problems expected to be "isolated and non-recurrent" at some sites, while irradiation levels were in line with forecasts. Bournemouth was responsible for a 3.8% decrease in portfolio production against expectations.
The company also said that an improving outlook for power prices has led to a supportive market for additional acquisitions. It is in active talks over 150 MW of deals, with 50 MW expected to be purchased imminently. According to the fund, activity levels in the secondary market continue to build, highlighting the UK solar market consolidation opportunity.
Over the year FSFL's net asset value (NAV) increased to GBP 350.8 million (USD 436.5m/EUR 412.7m) from GBP 279.1 million on the back of improving outlook for the portfolio's revenues and asset acquisitions, it said. NAV per share consequently rose to GBP 1.029 from GBP 0.99 at end-December 2015.
At the end of the year, the company's portfolio included 16 solar power plants in the UK with a combined capacity of 348 MWp. The recent acquisition of the 72-MWp Shotwick solar farm has brought the total to 420 MWp.
(GBP 1.0 = USD 1.244/EUR 1.176)