Foresight Solar Fund raises dividend but net asset value falls in 2025
Foresight Solar Fund Ltd on Tuesday raised its dividend but reported a lower net asset value at the end of 2025 amid ‘regulatory challenges and persistent discounts’.
The investor in solar and battery storage assets said NAV per share fell 12% to 99.2 pence at the end of 2025 from 112.3p at the end of 2024. Total NAV was down 14% at £545.9 million from £634.4 million.
It declared a dividend of 8.10p for the year, up 1.3% from 8.00p a year ago.
Foresight Solar Fund said it is targeting a dividend of 8.10p for 2026 which provides ‘flexbility to allocate surplus cash, including to build future dividend cover’.
The fund said it generated 1,038 gigawatt hours of electricity in 2025.
‘Foresight Solar has delivered solid operational performance and continued to progress its strategic objectives, despite not being immune to the regulatory challenges and persistent discounts that have impacted the sector,’ said Chair Tony Roper.
‘Our UK assets continue to be standout performers, achieving 3.4% above-budget production. With this year’s results, our core UK portfolio has now outperformed forecasts in nine of the past 12 years, a track record of operational excellence we are proud of.’
Foresight Solar Fund said the investment manager is progressing the divestment of an additional 75 megawatts of operational solar assets.
It intends to deploy the proceeds in accordance with its capital allocation strategy, and said it will consider shareholder returns, paying down debt and reinvesting for higher returns.
Chair Tony Roper said: ‘Foresight Solar’s business model remains robust. The portfolio is operating at a high standard, steadily generating cash to pay the dividend. We are increasing our capabilities to create additional value from development and construction of assets, and this is an area in which we forecast more activity this year.
‘We enter 2026 with clear priorities: closing the share price discount, strengthening future dividend cover, evolving our development pipeline and continuing to manage the portfolio to maximise returns.’
Shares in Foresight Solar Fund were up 2.0% at 61.81p on Tuesday morning in London.
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