High returns in the UK meant solar and battery owner Foresight Solar saw revenues increase, despite a reduction in generation in other countries. It generated 5.3% less than the base case across its global holdings in 2021, but UK operational assets, accountable for 76% of electricity generated by the total portfolio in 2021, benefitted from higher irradiation levels, the company said. The UK portfolio generated 1.0% above budget and “strong power prices” meant total revenues and EBITDA were 16% and 22% ahead of budget, respectively.
The year also saw Foresight make its first battery investment, a £12.7 million 50% stake in a battery project in Melksham, UK, jointly owned with JLEN Environmental Assets Group. The 50MW battery is adjacent to the Sandridge solar park which is already owned by Foresight. Energisation and commercial operations are scheduled to commence in October 2022.
Alex Ohlsson, chair of Foresight Solar Fund Limited, said, “We made our first battery storage investment last year, and our UK solar portfolio delivered another year of solid operational performance…
“Looking forward, we can see a strong pipeline of solar projects and opportunities in the UK and Spain, as well as a burgeoning market for corporate PPAs, while on the battery storage front we are reviewing a stream of greenfield projects being brought to the market.”