World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTForesight Solar Fund Ltd (LON:FSFL) today said it expects the windfall levy on low-carbon electricity generators to reduce its September 30, 2022 net asset value (NAV) by GBP 0.008 (USD 0.010/EUR 0.009) per share.
The Foresight Group-managed fund, which invests in solar and battery storage assets in the UK and abroad, previously reported unaudited NAV as of September 30, 2022 of GBP 771.2 million, or GBP 1.264 per share.
The UK chancellor last week announced an Electricity Generator Levy at a rate of 45% of revenue from power sales above a price of GBP 75 per MWh proposed to be in place from January 1, 2023 to March 31, 2028.
FSFL said its UK solar assets will fall within the scope of the levy, with revenues earned under Feed in Tariffs (FiT), Renewable Obligation Certificates (ROCs) or Contracts for Differences (CfDs) to be exempt.
The net impact of the levy calculated by the company reflects adjustments taking into account the greater clarity on government policy after the autumn statement, which almost offset the effect of the levy on expected UK solar generation revenues.
Earlier this week, Bluefield Solar Income Fund Ltd (LON:BSIF) provided a similar assessment of the levy’s impact, saying it resulted in a net reduction of GBP 0.03 to its NAV as of September 30, 2022.
Draft legislation for the proposed levy is expected to be published in the middle of next month.
(GBP 1 = USD 1.195/EUR 1.158)
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