Foresight Solar Fund Ltd (LSE:FSFL)'s unaudited net asset value (NAV) stood at £697.9 million after the fourth quarter of 2023, a company statement revealed on Thursday.
Despite the figures representing a slight year-on-year decrease from the £706.9 million reported in September 2023, the NAV per ordinary share rose to 118.4p, largely due to asset sales and streamlining operations.
During the quarter, the group oversaw the sale of its Lorca portfolio stake at a 21% premium, using the proceeds to reduce its debt pile.
Total gearing for the fund was 38.8% of its gross asset value (GAV), with management indicating intentions to further reduce this through additional divestments.
Foresight also carried out a £20 million share buyback, which helped increase NAV by 0.4p per share for the quarter and by 1.1p per share for the year.
Looking forward, Foresight Solar expects to deliver its annual dividend of 7.55p per share, while net dividend cover for the 2024 financial year is expected to keep in line with previous guidance.
On Thursday morning, the group’s fund manager Ross Driver spoke with Proactive's Stephen Gunnion, providing an optimistic overview of the fund's performance and strategies amidst challenging macroeconomic conditions.
