Foresight Solar Fund Limited (LSE:FSFL) reported a net asset value of 99.2 pence per share as of 31 December 2025, resulting in a NAV total return of -0.9% for the fourth quarter.
The quarterly performance was influenced by several negative factors, most notably the conclusion of a previously disclosed tax review, which reduced NAV by 5.4%.
Additional downward pressures included higher forecast capture price discounts, which lowered NAV by 1.9%, the effect of subsidy RPI/CPI rebasing at -1.7%, curtailment in Australia at -1.4%, and revisions to power price forecasts alongside other movements that together reduced NAV by 1.2%.
These declines were partly balanced by a number of positive developments. Extensions to asset lifetimes and lifecycle investments contributed 4.7%, while higher projected energy yields added 3.8%. The time value adjustment net of project actuals contributed 1.5%, commissioning of the Sandridge battery energy storage system added 0.4%, and share buybacks contributed 0.2%.
An independent portfolio review also resulted in a 2.8% increase in forecast annual production across the company’s UK assets. The group now assumes that most UK sites will operate for the shorter of either their planning permission expiry or a maximum lifespan of 40 years.
Across the global portfolio, total generation came in 1.3% below the base case scenario, mainly due to curtailment in Spain and Australia. However, electricity output from the UK portfolio exceeded expectations, finishing 3.4% above budget.
Dividend cover for the year stood at 1.3 times, while the company has utilised nearly £55m of its £60m share buyback programme.
As of 31 December 2025, the overall valuation of the UK portfolio was estimated at £0.97m per megawatt.
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