Foresight Solar Fund Limited reported a net asset value (NAV) per share of 99.2p at the close of business on December 31, 2025, producing a NAV total return of -0.9% for the fourth quarter.
The quarter’s NAV performance was driven by a number of distinct factors. The single largest negative impact was the outcome of a previously disclosed tax review, which reduced NAV by 5.4%.
Additional downward adjustments included:
- higher capture price discounts forecasted at -1.9%;
- the effect of subsidy RPI/CPI rebasing at -1.7%;
- Australian curtailment at -1.4%;
- and changes to power price forecasts together with other movements at -1.2%.
These negative elements were offset in part by positive contributions recorded in the quarter. Asset life extensions and lifecycle investments collectively added 4.7% to NAV. Stronger-than-expected energy yield forecasts contributed 3.8%, while time value net of project actuals added 1.5%. The commissioning of the Sandridge battery energy storage system (BESS) provided a 0.4% uplift and ongoing share buybacks added 0.2%.
An independent portfolio assessment led to a 2.8% increase in the forecast for UK annual production. In setting operational assumptions going forward, the company now expects most UK sites to operate for the shorter of their planning expiry or 40 years.
On generation outcomes, global output came in 1.3% below the fund’s base case, principally because of curtailment in Spain and Australia. By contrast, the UK portfolio outperformed budgeted expectations, with electricity production 3.4% above budget.
For the year, dividend cover reached 1.3x. The fund has deployed nearly almost £55m of its \u00A0of a \u00A0 £60m commitment.
Finally, the report disclosed the overall valuation point for the UK portfolio: \u00A0stood at \u00A0 \u00A0 \u00A0 \u00A0\u00A0 \u00A0 \u00A0970,000 per MW as of December 31, 2025.