Foresight Solar fund manager reveals plans for Spanish asset sale proceeds

Foresight Solar Fund Ltd (LSE:FSFL) fund manager Ross Driver speaks to Thomas Warner from Proactive London after announcing the sale of a 50% stake in the fund's Lorca portfolio in Spain, in a deal worth €26.9 million.

Driver explains that Foresight Solar Fund is an international investor in large-scale solar projects and battery storage, currently managing over 61 projects spanning the UK, Spain, and Australia. He says the sale is part of a broader capital recycling program and is part of FSFL's response to changing market dynamics, showcasing its ability to self-fund and recycle capital during essentially closed equity markets.

The divestment in Spain, offering a high-quality portfolio, comes with plans to reinvest in new projects from FSFL's half-a-gigawatt pipeline. Driver emphasises the fund's proactive approach, balancing debt reduction, and shareholder value with a doubled share buyback program, and strategic expansion into solar and battery projects in Spain and other European markets.

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