Q3 2020 Net Asset Value and Operational Update

Foresight Solar Fund Limited ("Foresight Solar" or "the Company")

Q3 2020 Net Asset Value ("NAV") and Operational Update

Foresight Solar Fund Limited, a fund investing in a diversified portfolio of ground-based solar PV assets in the UK and internationally, announces that as at 30 September 2020 its unaudited Net Asset Value was £580.6 million (30 June 2020: £582.1 million), resulting in a NAV per Ordinary Share of 95.6 pence (30 June 2020: 96.0 pence per share)

The stable NAV over the quarter is largely attributable to minimal movement in power price forecasts over the quarter. This stabilisation in power prices reflects the ongoing short-term power price recovery following the decline in electricity demand linked to Covid-19 restrictions in the first half of 2020. Aside from the usual cashflow movements, there was no significant impact on NAV to highlight during the period and the portfolio continues to perform ahead of expectations.

The Gross Asset Value ("GAV"), including Company and subsidiaries, as at 30 September 2020, was £1,016.8 million (30 June 2020: £1,022.5 million).

Operational Update

The Company's UK portfolio continues to deliver strong operational performance and is approximately 10% above its forecast generation budget for the nine months to 30 September 2020. This reflects irradiation levels experienced that are higher than anticipated combined with robust performance ratios across the portfolio.

The Company's last construction asset in Australia Oakey II has now reached 100% export capacity and is undergoing final commissioning tests.

Spanish Acquisition

As previously announced, the Company completed the acquisition of its first unsubsidised solar project in Spain on 7 September 2020. The asset is scheduled to become fully operational in the third quarter of 2021. Following this acquisition, the Company's portfolio comprises of 55 assets, based in the UK, Australia and Spain, with an installed capacity of 895 MW.

The Investment Manager continues to develop a healthy pipeline of attractive subsidy-free opportunities with a number of further deals in advanced stages of negotiation.

Dividend

The Board of Foresight Solar re-affirms the Company's FY 2020 dividend target of 6.91 pence per share.

Board update

The Company is pleased to confirm the appointment of Ann Markey as an Independent Non-Executive Director during the quarter as planned.

Ms Markey is an experienced business leader and non-executive director with a strong financial background and over 20 years' experience as a senior executive and board director in a number of businesses, both public sector and private. Ms Markey has extensive experience in the electricity industry, particularly in thermal and renewable generation, including PV solar and wind.