Foresight Solar Fund Ltd (LSE:FSFL, FRA:1F5) said its net asset value per share was unchanged in the first quarter, as an improved March, inflation assumptions and share buybacks offset weaker solar generation in the UK and Spain.
The solar and battery storage investor reported an unaudited net asset value of £543.0 million at 31 March 2026, compared with £545.9 million at the end of December. whilst NAV per ordinary share held at 99.2p. Lower-than-expected irradiation in the UK during January and February weighed on electricity generation, while curtailment in Spain also hit output. Global production was 11.2% below forecast in the quarter, with solar resource 5.9% below expectations, though better weather in March improved production.
Power-price forecasts added 0.1p per share to NAV, while higher short-term inflation assumptions contributed 0.4p. Foresight Solar said its share buyback programme added 0.2p in the quarter, with about £55 million of the £60 million programme deployed so far.
The company reiterated that policy changes announced so far are not expected to affect its 8.10p per share dividend target or anticipated 1.1 times dividend cover for 2026. Gross asset value stood at £931.5 million at the end of March, with debt of £388.5 million, or 41.7% of GAV.