Manager of the Foresight Solar Fund Ltd (LSE:FSFL) Ross Driver discusses the fund's performance in the first half of 2024, highlighting how it managed to navigate challenging market conditions. Despite facing the wettest quarter in UK history and declining power prices, Driver told Proactive's Stephen Gunnion Foresight Solar delivered resilient results, falling only slightly behind revenue and EBITDA forecasts.
Driver also shared updates on the fund’s capital allocation strategy, including increasing the share buyback program to £50 million and confirming the target dividend of £0.08 per share for 2024. He discussed the ongoing sale of the Australian portfolio, totalling 170MW, expected to close by mid-2025, with proceeds planned for debt reduction.
"The first quarter was one of the wettest in recorded UK history, but despite this, cash distributions were only marginally behind forecasts," noted Driver.
Foresight Solar remains optimistic, with a growing pipeline of battery and solar projects, particularly in Europe. Driver mentioned, "We see the transition to a low carbon economy as one of the biggest investment opportunities for a generation."